Fed’s Beige Book posts surging wages
The Fed’s business contracts posted a slew of positive news on two problematic issues, which have held down American economy. We’re talking about the troubled gas as well as oil sector, not to mention low wages.
Issued on Wednesday, the Fed’s Beige Book labeled this growth in American economy as modest to moderate. Apparently, the Fed’s contracts gives a hope that growth might keep climbing up.
Wages grew in all twelve Fed districts. The only exception here is Atlanta. As for the most impressive wage pressures, they were for those positions, where labor shortages are quite pressing, while turnover is relatively high. Contracts in Cleveland, Boston and St. Louis reported wage hikes for skilled construction, information technology services as well as manufacturing trades.
Some companies in Philadelphia posted increased wages. They did it for the purpose of attracting higher quality employees, and the Chicago district also pointed out to a surge in the number of contracts, who have already increased wages for low-skilled entry-level employees.
Labor market conditions kept strengthening with several contracts in several districts posting difficulty with filling certain positions in some low-and high-skilled jobs.