The Federal Reserve's Beige Book, its periodic anecdotal look at economic conditions around the country, was released yesterday. One of the brightest aspects of it was all the reports of a strengthening jobs market: Most of the Fed’s 12 districts reported stronger wage growth for qualified or higher-skilled workers in industries such as construction, information technology and trucking.
Several districts noted rising pressure on employers to raise wages to compete for workers. The New York Fed office, which also covers northern New Jersey, reported “increased demand for human resource professionals to recruit new employees—particularly in the finance and legal sectors.”
But there's one area of New York that isn't looking so strong: Broadway. "Tourism activity has shown further signs of slowing — particularly in New York City," the Beige Book reported, "where both hotels and Broadway theaters report slowing business and declining revenues, and a major retailer attributes recent weakness to reduced tourism."