The NBA sent a memo to its league office staff Tuesday instructing them to reduce expenses and limit hiring for the remainder of the fiscal year because of economic constraints, sources confirmed to ESPN.

"Like other businesses in the US and globally, the league office is not immune to macroeconomic pressures and taking steps to reduce expenses," NBA spokesperson Mike Bass told ESPN in a statement.

The league's fiscal year begins in October, aligning it roughly with the start of each regular season.

The NBA came to an agreement with the National Basketball Players Association on a new collective bargaining agreement late last month, one that will ensure labor peace through the rest of this decade. And, earlier this week, the league announced it had set records for sellouts and for attendance as well as on digital and social engagement.

The league is also nearing the completion of a nine-year television agreement with ESPN/ABC and Turner Sports that runs through the 2024-25 season.

The NBA's play-in tournament began Tuesday, with the Atlanta Hawks beating the Miami Heat and the Los Angeles Lakers beating the Minnesota Timberwolves to clinch the seventh seed in each conference.

The first round of the playoffs begins Saturday, with four games each day this weekend.