The Brown Book shows a slowdown in employment growth in the United States, with skilled workers | the economy | the United States
Washington, September 6th (Xinhua) - The National Economic Situation Survey report released by the Federal Reserve of the United States on September 6th showed moderate growth in economic activity and a slowdown in employment growth.
This report is based on the latest survey results of 12 regional reserve banks under the Federal Reserve, also known as the "Brown Book". The report shows that most jurisdictions experienced moderate economic growth in July and August. Except for stronger than expected tourism spending, other retail spending continues to slow down. Some jurisdictions believe that consumers may have exhausted their savings and rely more on borrowing to support consumption.
During the same period, employment growth in the entire jurisdiction slowed down. Most jurisdictions believe that due to the continuous shortage of skilled workers, the imbalance in the labor market still exists. The labor cost pressure in most jurisdictions is increasing. Almost all companies in their jurisdictions expect salary growth to slow down in the near future.
In terms of prices, the overall slowdown in price growth in most jurisdictions is more pronounced in the manufacturing and consumer goods industries.
The Federal Reserve releases the Brown Book eight times a year to assess the economic situation in the United States through regional reserve banks. This report is an important reference material for the Federal Reserve's monetary policy meeting. The next Federal Reserve monetary policy meeting will be held from September 19th to 20th.