Fed Reports Improved Labor Market Conditions With Moderate Employment Growth
Economic activity continued to expand in all 12 districts during the reporting period spanning late May, June, and early July, according to the Federal Reserve Board’s latest report on regional economies (known as the “beige book”). Overall consumer spending increased in every district. Manufacturing activity also expanded in all 12 districts. Labor market conditions improved, with all districts reporting slight to moderate employment growth. Conditions in the staffing services industry across the districts were unchanged or improved modestly compared with the previous survey period. Several districts continue to report difficulty finding skilled workers, causing upward wage pressure for those positions.