According to a report from the Federal Reserve, hiring in many parts of the United States has slowed recently after previously picking up steam.
The Fed's recently released Beige Book survey, which looks at 12 different markets around the country, revealed that the job market in several regions was worse than that of the previous reporting period. The survey found Philadelphia, New York and Cleveland had slower economic growth while Richmond's was considered mixed. Hiring in June and early July was considered underwhelming in the majority of districts studied.
Economists said that while the news was troubling, the Fed may take action as a result.
"While the report is not a positive one, we believe that it is still not enough to push the Fed over the edge into more quantitative easing at its next meeting in two weeks," said Michael Dolega, an economist at TD Bank, in an interview with The Associated Press.
In its previous Beige Book release, which came out in June, the Fed stated that 10 out of 12 of its markets had seen improvements in sectors such as manufacturing, construction and home sales.
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