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Beige Book - Employment little changed

June 12 2008

Employment levels appeared little changed in recent months, although some Federal Reserve districts reported weakening job markets, according to the U.S. Federal Reserve's Beige Book report released Wednesday.

The Dallas district reported a relatively tight job market along with shortages of managers and engineers. However, the New York, Atlanta, Chicago and St. Louis districts reported slowing labor markets. And the Atlanta and Minneapolis districts said firms there reported layoffs, reductions in work hours and hiring freezes.

Staffing firms reported mixed trends in labor demand, according to the report. Firms in the New York, Richmond VA and Chicago districts reported some softening in demand, while those in the Cleveland and Dallas districts noticed a pickup.

Overall, the U.S. economy weakened since the last Beige Book report in April, according to Wednesday's report.


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