Fed Releases Beige Book
"Job Searching Becomes Harder and Takes More Time"
The U.S. Federal Reserve (Fed) announced on the 4th (local time) that the number of regions experiencing stagnant or slowing economic activity has increased.
On the same day, the Fed released the 'Beige Book,' a report on economic trends, stating that economic activity was stagnant or slowing in 9 out of 12 districts. This is an increase of 4 districts compared to the 5 reported in the Beige Book released in July.
Three districts were recorded as having increased economic activity.
Regarding the labor market, which the Fed is closely monitoring, it diagnosed that job seekers are finding it more difficult to secure employment.
The Fed evaluated, "Employers have been more selective in hiring due to concerns about demand and uncertainty about the economic outlook, and the likelihood of expanding their workforce was low. Applicants are finding it harder and taking longer to find jobs."
The Beige Book is a report assessing economic conditions in the jurisdictions of the 12 Federal Reserve Banks. It is used as a basis for the Federal Open Market Committee (FOMC) regular meeting scheduled for the 17th-18th.
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