Fed: Most districts report increased employment levels, but slow – economy

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The Federal Reserve (Fed, American Central Bank) says that most districts report that employment levels have risen, “slowly”. The information is contained in the Beige Book, a summary of opinions that outlines monetary policy decisions in the United States.

The demand for work in the country is different “enough”, it depends on the field and the efficiency level of the worker. “Many contacts have noted difficulties in attracting and retaining qualified workers”, the document states.

The Beige Book states that labor supply problems have been noted by some Fed contacts, which is more acute among low-skilled occupations and for skilled employees in the business sector. The document states, “Difficulties in job offers include Kovid-19, childcare and unemployment benefits.” “Overall, contacts expect a slight improvement in employment levels in the short term.”

The Beige Book has further noted that many districts have reported “modest wage increases for high-demand positions,” with many also posting upward pressure on salaries to attract and retain employees. . “On balance, the high wages of many districts are expected to remain or increase for a short period of time for the next several months,” the report said.

economic activity

Most districts in the Federal Reserve (Fed, American Central Bank) reported a modest expansion of economic activity between January and mid-February, according to the Beige Book released by the unit on Wednesday. According to the document, most companies remain optimistic about the economic landscape for the next 6 to 12 months, with widespread distribution of vaccines against Kovid-19 in the United States.

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According to the Beige Book, reports on consumer spending and car sales have been amalgamated, with some districts reporting modest improvements in the travel and tourism sectors, but with the leisure and hospitality sectors still in most areas since the previous period Is implied for Despite the challenges in the chair mentioned by the document, industrial activity registered a slight increase in relation to the final report.

Some districts reported a drop in the amount of loans given by financial institutions, but most areas saw lower levels of delays and higher levels of deposits, according to the Beige Book. The document also pointed out that historically low interest rates fueled strong demand for new and used homes in the United States.

Districts reporting on the energy sector saw a slight increase in oil and gas production in this period, the Fed reported, while energy consumption also increased marginally.

Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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