Profesional welder in protective uniform and mask welding metal pipe on the industrial table with other workers behind in the industrial workshop.

The tightness in the labor market is continuing to ease, according to the latest Fed Beige Book report, released October 18. The report is based on information collected from the various Federal Reserve districts and summarizes comments from contacts outside the Federal Reserve System.

Key takeaways:

  • Overall employment is increasing slightly to moderately, while companies are hiring less urgently.
  • Wage growth is modest to moderate.
  • Hiring and retention have improved as candidate pools grow. Job seekers are less likely to negotiate their terms of employment.
  • Challenges remain in hiring and retaining skilled tradespeople.

For a deep dive into the findings from each district, view the full report.