Shortages of workers — particularly in construction, IT and manufacturing — and increasing wage growth was cited in the latest Beige Book report from the Federal Reserve.
“Across the country, contacts observed persistent labor market tightness and brisk demand for qualified workers, as well as increased activity at staffing placement services,” according to the report.
Wage growth picked up to a moderate pace, according to the report. And most Districts saw employers raise wages and expand benefit packages in response to tight labor market conditions.
One Boston staffing firm reported year-over-year declines in revenue because of difficulty finding workers to fill jobs.