The Fed’s verdict: The rapidly expanding U.S. economy is running out of room to grow any faster as shortages of skilled workers and rising costs of raw materials handcuff businesses, the Federal Reserve said. The specter of increasing tariffs and a broad trade war is adding to the anxiety.
“Shortages were cited across a wide range of occupations, including highly skilled truck drivers, specialized construction and manufacturing workers, IT professionals and truck drivers,” the Fed's Beige Book said. Truck drivers are especially scarce.
In some cases, companies rejected new orders because they could not find enough workers to fulfill the demand. The “inability to find workers constrained [U.S.] growth,” the Fed reported.
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