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Beige Book - Labor markets weaken

October 16 2008

Staffing firms reported lower demand for their services in several Federal Reserve districts, according to the U.S. Federal Reserve's Beige Book report released Wednesday. Staffing firms in Richmond VA, Philadelphia and Chicago districts all cited lower demand, but Dallas district firms said demand held steady.

Labor markets weakened in most districts. Hiring plans were reduced in the Boston, Chicago and Richmond districts. And a weakening in employment was reported in the Atlanta, Minneapolis, Kansas City, San Francisco and Dallas markets. However, demand for skilled labor remained strong in several districts.

Overall, reports from the Federal Reserve districts indicated a weakening of the economy in September.


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