Highly Skilled

Employers report continued difficulty finding workers for highly-skilled jobs

Report: The Federal Reserve Board's latest Beige Book says employers have jobs but not the right workers for them

All year, we’ve heard from employers who say that they are having trouble finding workers with the right skills, making those workers even more in demand.

The latest Beige Book report from the Federal Reserve – out this morning – backs up that trend.

The Beige Book is an anecdotal survey from the Fed’s 12 banks, each representing a different region of the country. It highlights some of what the banks are being told by local employers about their labor markets, specifically the ability to fill open jobs.

Here is a sampling of what they’re saying about efforts to find workers:

From Richmond: “The supply of labor remained tight with several contacts noting difficulties finding workers with necessary skills. One company that was looking to hire an experienced worker decided to hire an entry-level worker instead and pay for their training.  New construction continued to experience supply chain disruptions as well as a shortage of skill workers.”

From San Francisco: “Labor supply was particularly constrained in agriculture, hospitality, health care, retail, food services, transportation, and skilled trades. A few contacts mentioned increased efforts in employee training.”

From Cleveland: “Nearly half of contacts indicated that finding workers with the right skills was the primary impediment to hiring.”

From St. Louis: “Firms reported softening consumer demand, but labor shortages for high-skilled jobs remained a key issue. However, a rising share of firms reported being able to find and retain low-skilled workers.”

There’s a lot more on the demand – and lack of – skilled workers in the Fed report, which you can read here.