“Labor market conditions remained solid” over the past six weeks even as employers report having some difficulty finding people with the right skills, according to the Federal Reserve’s Beige Book released today. The economic report comes out every month-and-a-half and includes observations from employers and businesses around the 12 Fed districts.
Here is what the report says in full about the labor market.
“Labor market conditions remained solid. Employment continued to increase at a modest to moderate pace in most Districts despite hiring freezes by some firms and scattered reports of layoffs. Labor availability improved slightly, though finding workers with desired skills or experience remained challenging.
“Several Districts indicated that a lack of available childcare continued to impede labor force participation. While labor markets generally remained tight, a few Districts noted that firms are becoming less flexible with employees and beginning to reduce remote work options.
“Wages generally increased at a moderate pace, though some Districts noted that wage pressures had eased somewhat. Wage increases are expected to moderate further in the coming year.”
You can read what the Fed had to say about labor markets district-by-district and overall economic activity here.