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Beige Book says labor market looser

November 29 2007
The tight labor market loosened in some areas, according to the U.S. Federal Reserve Beige Book released Wednesday. Wage increases continued in a range of 3% to 4% on an annual basis. The Kansas City district said wage pressures picked up while the San Francisco district said wage gains were especially rapid for groups such as engineers.

Demand for temporary workers in the financial and legal industries rose, according to the New York district, while a strong demand for temps was reported by the Richmond VA district. However, the Dallas district said demand for temps was sluggish.

The new report said the economy continued expanding but at a slower pace than found in the Beige Book report released last month.

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