From the Dallas Federal Reserve’s portion of the Beige Book, the Fed’s compilation of regional economic reports:
A number of firms reported that they have reduced employment and/or frozen hiring to keep operations lean in preparation for the possibility of slower activity. Still, there are firms reporting that activity is being restrained by labor shortages, particularly for skilled workers, such as certified mechanics, engineers and those who support the energy industry.
Upward wage pressures have eased in some industries but continue to be reported in others. Temporary service firms said pay rates have been pushed up because of shortages of white collar and executive talent. Shipping firms said the shortage of talent has pushed wages up by 5 percent.
The National Association of Manufacturers, the NAM’s Center for the American Workforce, and many partners yesterday announced a new skills certification program that will effectively help address these shortages. News release:
Chronicle of Higher Ed story, “Manufacturers Seek to Align Education With Job Skills”
UPDATE (10:05 a.m.): From the Kansas City Fed:
Several sizable additions to employment were reported in the energy and engineering industries, while some layoffs were announced in the financial and food manufacturing sectors. A number of firms continued to report difficulties hiring skilled workers, such as maintenance technicians, as well as some entry-level workers, particularly housekeepers and sales positions.
Latest posts by Carter Wood (see all)
- Farewell from a Blogger - May 25, 2011
- Activist Ignore Evidence to Back Shakedown Suit Against Chevron - May 25, 2011
- More than a Lawsuit: A Circle of Political Pressure Against Chevron - May 25, 2011