While the US economy has continued a moderate expansion, economic activity began to slow in early November as COVID-19 cases surged, according to the US Federal Reserve’s Beige Book report. Businesses cited concerns over the pandemic and mandated restrictions.
Employment has also been on the rise, according to the report. Still, some businesses contacted for the report indicated the sharp rise in COVID-19 cases has aggravated labor supply concerns — including absenteeism and attrition — as more schools and plants close amid renewed fears of infection.
At the same time, some staffing firms contacted for the report pointed to greater placement success with competitive rates; one firm instituted a minimum wage rate for its industrial clients.
Districts were impacted differently.