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Beige Book reports layoffs, hiring freezes

January 15 2009

Most Federal Reserve Districts reported weakening labor market conditions and layoffs, according to the latest U.S. Federal Reserve Beige Book report released Wednesday. Several districts also cited hiring freezes. And the Richmond VA district reported weaker demand for temporary workers.

A number of districts reported job losses in the manufacturing sector; and the Dallas district noted layoffs in the energy industry.

However, the Chicago district reported that demand for skilled workers remained strong with growth in the education, government and healthcare fields. The St. Louis district reported job growth in some small-business support services firms, and the Cleveland district reported continued hiring in defense-related and healthcare industries.

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