Job Market

Fed’s Beige Book: Trends in the labor market

Report: Federal Reserve says the labor market is tight, but showing some improvement

The Federal Reserve has released its latest Beige Book report, a look at economic activity across the country for the past six weeks.

Here are the labor market highlights.

“Overall labor market conditions remained tight, although nearly all Districts highlighted some improvement in labor availability, particularly among manufacturing, construction, and financial services contacts. Moreover, employers noted improved worker retention, on balance.

“Wages grew across all Districts, although reports of a slower pace of increase and moderating salary expectations were widespread. Employers in several Districts reported giving midyear and off-cycle raises to offset higher living costs, and many noted that offering bonuses, flexible work arrangements, and comprehensive benefits were deemed necessary to attract and retain workers.

“Looking ahead, employers planned to provide end-of-year pay raises to their workers, but expectations for the pace of wage growth varied across industries and Districts.”

You can read the entire report here.