Federal Reserve Beige Book: U.S. Employment Grows Moderately, Wages Rise Steadily

According to the Federal Reserve's Beige Book released on July 16, U.S. employment expanded moderately across 5 of the 12 Federal Reserve districts, while 7 districts reported no change. The remaining district saw some decline but with limited magnitude. Manufacturing, construction, and retail sectors led job growth, though hiring for technical and skilled workers remained challenging.

Wage growth remained moderate to steady across most regions, with increases partly driven by competition for skilled labor. Some districts noted businesses increasingly using artificial intelligence to streamline hiring and boost worker productivity.