Economic activity continued to increase at a modest to moderate pace, according to the Federal Reserve Board’s latest report on regional economies (known as the “beige book”). Employment growth increased modestly to moderately, but tight labor markets were widespread. Employers had difficulty finding qualified workers across skill levels, a key factor restraining hiring plans in several districts. Wage growth was modest or moderate, with increases most notable for hard-to-fill professional, technical, and production positions. Employers raised wages and increased their use of signing bonuses and other nonwage benefits to retain or attract employees. Staffing demand grew in some districts, but staffing employee turnover and tight labor markets posed a challenge to firms.
View interactive Beige Book summaries by district, focused on employment, wages, and the staffing industry, at americanstaffing.net/federal-reserve-beige-book.
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About the American Staffing Association
The American Staffing Association is the voice of the U.S. staffing, recruiting, and workforce solutions industry. ASA and its state affiliates advance the interests of the industry across all sectors through advocacy, research, education, and the promotion of high standards of legal, ethical, and professional practices. For more information about ASA, visit americanstaffing.net.