Federal Reserve Beige Book: Wages continue to grow at a moderate pace

Odaily News The Federal Reserve Beige Book said that employment conditions were largely unchanged since the last report. Most districts reported flat employment, three districts reported slight to moderate employment growth, and two districts reported a slight decline in employment. Many districts reported lower employee turnover and more applicants for open positions. Comments about uncertainty delaying hiring were widespread. All districts cited a decline in labor demand, citing reasons including reduced work hours and overtime, pauses in hiring, and plans for layoffs. Some districts reported layoffs in certain industries, but these layoffs were not widespread. Two districts noted that for many respondents, hiring plans had not changed since the beginning of the year. Wages continued to grow at a moderate pace, although many districts reported a general easing of wage pressures. A few districts said that rising costs of living continued to put upward pressure on wages. (Jinshi)