Published: January 17, 2024 at 2:22 PM ET
A Federal Reserve survey released Wednesday showed signs of a cooling labor market in nearly every region of the country.
The survey, known as the Beige Book, is a collection of anecdotes from business people collected before January 8th.
Contacts talked about expanding the applicant pool, lowering attrition rates, and being more selective…
A Federal Reserve survey released Wednesday showed signs of a cooling labor market in nearly every region of the country.
The survey, known as the Beige Book, is a collection of anecdotes from business people collected before January 8th.
Officials talked about expanding the number of applicants, lowering the turnover rate, making companies more selective in hiring, and easing wage pressure.
Cooling wages, in particular, would help keep inflation on a downward trajectory.
Federal Reserve officials are scheduled to meet later this month to consider interest rate policy. They use beige books to understand the situation on the ground.
Business stakeholders seemed optimistic about future growth. The survey found that expectations were positive, improving, or both.
There were also numerous reports that consumers’ “price sensitivity” was forcing retailers to tighten profit margins and put pressure on their suppliers to keep prices down.
DJIA SPX stock fell sharply in afternoon trading, while the yield on the 10-year US Treasury note BX:TMUBMUSD10Y rose to 4.11%.