Employment improved at modest to moderate pace on strong demand, says Fed Beige Book

Employment in the United States has advanced at a “modest to moderate” pace, with strong demand disseminated by workers and reports of difficulties in finding personnel, says the Beige Book, a summary of opinions that supports the Federal Reserve’s monetary policy decisions (Fed, the American central bank), published this Wednesday (2). In some districts, there are reports of signs of improvement in the supply of workers, according to the document.

“Many companies have had difficulty maintaining their staffing levels due to high turnover,” says Livro Bege. The challenge was “exacerbated” by the problems caused by Covid-19 in January, amid the wave of Ômicron cases in the country, “although workers and companies have recovered faster than in previous waves”.

Companies continued to increase staff pay and introduce flexibility for employees in order to attract workers, especially in lower-paying positions, reports the Beige Book, “with mixed success” in the endeavor.

There were also reports among contacts that the job market is expected to remain “tight”, with consequent “strong growth in wages continuing”. Some districts, however, report signs that wage growth is showing signs of moderation, according to the document.

Source: CNN Brasil

You may also like