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Beige Book - U.S. labor market still weak

April 16 2009

Labor market conditions remain weak, according to the U.S. Federal Reserve Beige Book released Wednesday. Staffing firms in several Federal Reserve districts reported demand for workers remained sluggish.

Staffing firms in the Dallas district reported clients not renewing contracts on current personnel. The New York district described the supply of available workers as "inexhaustible."

For the labor market in general, some hiring in healthcare was reported, and some districts cited demand for skilled workers, such as those in information technology. The Chicago and Dallas district reported increased hiring of finance personnel because of an increase in mortgage refinancing.

Overall, the Beige Book reported U.S. economic activity contracted further or remained weak.

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