Fed Outlines Which Jobs Are in Demand in Tightening Labor Market
October 25, 2018
The Federal Reserve’s latest read of economic conditions shows that employers are having a harder time finding qualified workers. In the latest “Beige Book” summary of economic activity, the central bank said that most parts of the nation saw employment growing “modestly or moderately.”
As job openings outnumber people looking for work, employers cited high turnover rates and trouble retaining employees. Workers most in demand are those in finance, sales, construction and manufacturing, information technology, engineering, and trucking.
To appeal to workers, some employers are increasing wages, but the Fed noted that wage increases are “modest or moderate,” and that many employers are instead offering perks like signing bonuses, additional vacation time, and schedule flexibility in an effort to find and maintain workers.