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

Odaily Planet Daily News: The Federal Reserve Beige Book said that employment conditions have remained largely unchanged since the last report. Most regions reported flat employment, 3 regions reported slight to moderate employment growth, and 2 regions reported a slight decline in employment. Many regions reported lower employee turnover and more applicants for open positions. Comments about uncertainty leading to delayed hiring were widespread. All regions cited a decline in labor demand, citing reasons including reduced work hours and overtime, hiring pauses, and layoff plans. Some regions reported layoffs in certain industries, but these layoffs were not widespread. Two regions 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 regions reported a general easing of wage pressures. A few regions said that rising costs of living continued to put upward pressure on wages. (Jinshi)