MNI BRIEF: Little Change In Aug Employment - Fed Beige Book

All but one of the 12 Federal Reserve districts saw little or no net change in overall employment levels in August as firms told the Fed they were hesitant to hire workers because of weaker demand or uncertainty, according to the Fed's Wednesday report on current economic conditions. 

Firms in two Fed districts reported an increase in layoffs, and contacts in multiple districts reported reducing headcount through attrition, according to the Beige Book. Most districts also said more people are looking for jobs, and firms in half of the districts observed reduced availability of immigrant labor. 

Nearly all districts saw tariff-related price increases, with 10 characterizing price growth as "moderate or modest" and two as faster than that. Across Fed districts, businesses also noted flat to declining consumer spending as wages were failing to keep up with rising prices for many households. (See: MNI POLICY: Fed Takes Measured Approach To Post-September Cuts)