Fed's beige book shows varied business strength
The Fed's latest beige book released Wednesday showed U.S. business owners remain largely bullish on the economy but are losing faith in the longer-term outlook.
What's happening: Business activity varied across the country, with the West and South more upbeat than the Midwest and Great Plains, which are U.S. manufacturing hubs.
- A number of districts also reported that manufacturers have "reduced headcount because orders were soft," while others are cutting hours rather than laying off workers.
- Employers continued to note the tight labor market and said finding quality workers was still a top problem. However, that has been a plus for workers as large companies are said to be offering larger pay packages and small companies are using benefits and bonuses to compete.
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