Federal Reserve Observations
The Federal Reserve’s Beige Book, released a day earlier, noted slight employment growth in early October, with half of the districts reporting modest or no change. The report also highlighted limited layoffs and stable worker turnover. However, hiring efforts have slowed, with companies primarily seeking to replace workers rather than expand their workforce.
Boeing Strike Adds Uncertainty
A significant factor clouding labor market data is the ongoing strike by 33,000 machinists at Boeing, which has caused a ripple effect throughout the company’s supply chain. The strike could drag down overall employment numbers, as both Boeing’s striking workers and those affected in its supply chain add volatility to job market metrics.
On Wednesday, Boeing workers voted to reject a proposed new contract, which would have included a 35% pay raise over four years…
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