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Fed: Moderate Economic Growth; Staffing Demand Up, but Workers Hard to Find

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Economic activity expanded moderately in late April and early May, according to the Federal Reserve Board’s latest report on regional economies (known as the “beige book”). Employment rose at a modest to moderate pace, but labor market conditions remained tight. Shortages of qualified workers were reported in various specialized trades and occupations, including truck drivers and information technology professionals. Many firms responded to talent shortages by increasing pay and compensation packages, but wage increases remained modest in most districts. Staffing demand increased in several districts, but labor supply remained a challenge.

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