Federal Reserve Banks across the country collect anecdotes from contacts and address concerns Federal Reserve Beige Book Summary, published eight times per year. Historically, insights into conditions affecting low- and middle-income communities have come from a business perspective. Several Reserve Banks including “Community Status” and “Community Perspectives” sections In the fall of 2022. These sections provide insight into local changes through first-hand accounts of nonprofit and community leaders and workforce professionals serving low-income people. There are some takeaways from here November 2024 Beige Bookwhich was prepared Federal Reserve Bank of Kansas City and based on data collected on or before November 22, 2024.
Please note that the beige book summarizes comments received from contacts outside The views of the Federal Reserve and Federal Reserve officials are not a comment.
“Amid growing community needs among school-age children, the homeless and sheltered, and those struggling with mental health and addictions, a new Medicaid funding system was introduced to address the social determinants of health through the development of social care networks. Through the program, social service providers Provides integrated mental health, homeless and addiction-related care and services, as well as workforce development for the health care workforce. Funding now includes a wide range of recipients Flowing closer to the range, albeit with mixed adoption by states.”
– New York FedFederal Reserve 2n.d District, community perspective
“Several workforce development contacts report that labor demand, particularly skilled labor, remains elevated. One contact said more employers are working with workforce intermediaries to address employee attendance issues through measures such as providing transportation for new hires. Others have indicated that employers are more open to apprenticeship programs. Workforce challenges in the child care sector continue. One child care provider indicated that finding and retaining quality staff is difficult. Additionally, due to declining enrollment, the provider's childcare center was expected to raise its fees by 20 to 40 percent from current levels in January, as operating costs would be shared among fewer customers. Another introduction explained that fewer child care providers in rural communities contributed to lower labor force participation for women.”
– Cleveland FedFederal Reserve 4m District, community status
“Despite sustained demand for affordable rental housing, developer communications point to recent challenges in fully financing their projects, including funding gaps emerging late in the pre-development phase. Contacts noted that they may need to raise funds from projects earlier in the pipeline to fill this funding gap. Workforce intermediaries and businesses report that modest job growth contributes to greater confidence among employers that they can get the labor they need. A number of labor contacts have noted an oversaturation of entry-level talent, at least relative to the availability of marginal positions. Other sources report increased interest among retirees in seeking work to supplement income.”
– Atlanta FedFederal Reserve 6m District, community perspective
“Community, nonprofit, and small business contacts saw little change in activity during the reporting period. Many contacts reflect a “wait-and-see” sentiment due to impending changes in the presidential administration and uncertainty around the path of interest rates. State government officials saw flat income and sales tax revenue, though Several noted the strong increase in gambling tax revenue.Affordable housing developers welcomed the slight reduction in building costs, low-income, Targeting increased affordability for low-equity, or first-time buyers. Overall, affordable housing supply remains limited, and contacts in small and rural markets continue to be challenged to secure adequate funding for high-demand programs There are – such as childcare – as well as operating and overhead costs. Community contacts noted that subsidies for utility costs were more limited this year because of the high summer Funds were used for cooling bills.”
– Chicago FedFederal Reserve 7m District, community status
“Job opportunities in low-paying occupations were plentiful, and workers in those jobs were still finding wage gains from job hopping. However, compared to the beginning of the year, contacts also reported that more workers experienced lost hours and income, had difficulty finding full-time work and were more likely to take on a second job to make up the difference. The number of recently laid off workers in low-wage occupations was small across the District but reported above national trends, particularly in Nebraska and Oklahoma where weak agricultural conditions weighed on labor demand.”
– Kansas City FedFederal Reserve 10m District, community status
“Nonprofit service providers continue to have high levels of demand for social services. Some say the families they serve are getting fewer benefits from federal and state services such as food stamps, Medicaid and housing and unemployment assistance, or losing access to these services altogether. Lack of affordable housing, child care, and transportation remain major barriers to working for low- to moderate-income individuals. Some contacts noted increased demand for social services by immigrants. A nonprofit says Texas Executive Order GA-46, which requires hospitals to ask patients about citizenship status, has created fear in the immigrant community and caused some families not to seek the medical care they need, even if they are already there. Legally US. The nonprofit works to make clear to the families they serve that the order does not change patients' access to or quality of medical care.”
– Dallas FedFederal Reserve 11m District, community perspective
“Communities across the District continue to report widespread shortages of affordable housing and associated increases in housing insecurity and homelessness. Demand for mental health services and food assistance programs was elevated. The report indicates that some employers have reduced coverage of mental health services due to recent large increases in medical insurance costs. Community organizations reported increased demand for training and career development services in various parts of the district, particularly in the Mountain West states. At the same time, some contacts pointed to poor enrollment figures in post-secondary institutions. Some nonprofits reported increased funding from the public sector, particularly for programs related to sustainable growth and improving financial literacy and access.
– San Francisco FedFederal Reserve 12m District, community status
visit November 2024 Beige Book A complete national summary and more information on economic conditions reports from each Reserve Bank, including the labor market, financial services, real estate and more.