Vaccine mandates hurting employment, Federal Reserve reports

Businesses are reporting that vaccine mandates are contributing to labor supply problems, the Federal Reserve said.

The central bank said that recent economic growth has been modest to moderate in its so-called beige book report, a collection of business anecdotes from each of the regional Federal Reserve banks and a summation of the current nationwide economic environment.

The report, which was released on Wednesday, also acknowledged nationwide labor shortages and cited vaccine mandates as one of the factors contributing to the difficulty that employers are having finding workers.

“Firms reported high turnover, as workers left for other jobs or retired. Child-care issues and vaccine mandates were widely cited as contributing to the problem, along with COVID-related absences,” the Fed said in its summary of overall national economic activity. …

About 3% of the U.S. labor force, or 4.3 million workers, quit their jobs in August, a record high that goes in tandem with a little over 10.4 million job openings that same month.