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Hiring remained limited from September to early October, with many companies reluctant to add to permanent payrolls given economic softness, according to the Federal Reserve’s Beige Book report released Wednesday.
Reports from staffing firms were mixed. Staffing firms in the New York and Dallas Federal Reserve Districts noted a slowdown in demand for their services, and contacts in the Cleveland district said new job openings declined. The Richmond, Va., district report noted demand for temporary workers picked up slightly since the last report, and staffing contacts in the Philadelphia district said clients were adding positions as workloads increased. The Atlanta report noted a preference for increasing staff hours and using temporary help rather than hiring additional full-time staff.
Reports from the 12 Federal Reserve Districts suggest that national economic activity continued to rise at a modest pace from September to early October.
The districts generally indicated that economic activity expanded modestly since the last report. The New York district noted a leveling off in economic activity and Kansas City indicated some slowing in the pace of growth, but other districts generally reported that growth continued at a modest pace.