It’s no secret that the labor market is strong right now, with US unemployment currently hovering at a five-decade low.
(Bloomberg) — It’s no secret that the labor market is strong right now, with US unemployment currently hovering at a five-decade low.
But the latest Beige Book survey released today by the Federal Reserve hints at just how tight things might be in certain areas.
One Montana-based firm told the Minneapolis Fed that it’s been hiring a private jet to fly construction workers to where they’re needed:
“Employment grew moderately since the last report. A survey of District firms in early February found a large majority hiring in some capacity. Less than 30 percent of employers said they were not hiring, and only 5 percent reported cutting workers. Other contacts also noted that firms were overhiring to ensure operational coverage or to create more attractive schedules that avoid overtime. Survey respondents from large firms reported notably better success at adding workers. Some contacts said that labor availability improved slightly, but overall it remained problematic. A recent Minneapolis-area job fair with more than 20 employers and hundreds of job openings attracted only 20 people. A Montana construction firm has found it economical to rent a jet to fly workers in to one of its plants to fill operational needs. Hiring local employees “would be our first choice, but we had to adjust when we could not staff that way.”
Of course, it’s just one anecdote among many and many Beige Book respondents hinted at an uncertain outlook as the Fed hikes rates to try to contain stubbornly high inflation. But for now, it seems there’s still plenty of demand for certain types of workers in specific locations.
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