Published April 24, 2018
The Minneapolis Fed’s most recent Beige Book report, released last week, found that labor demand continues to be healthy in the Ninth District, but tight supply was holding back hiring. For example, internal surveys and several job databases showed strong demand for workers; job vacancies in Minnesota were also at an all-time high. At the same time, initial unemployment claims have continued to trend lower, and job fairs have been seeing slower foot traffic, according to sources.
Wage pressures appeared moderate, with some evidence of stronger pressure for certain types of jobs, including construction, but wage pressure was generally weak in the public sector. Prices also showed moderate pressure overall, with stronger pressure for steel products related in part to recently announced tariffs, according multiple contacts.