Cliff Owen/AP
Federal Reserve Chair Janet Yellen looks at documents while waiting to speak at the Federal Reserve System Community Development Research Conference in Washington, Thursday, March 23, 2017.
The Federal Reserve will release its Beige Book of economic anecdotes from its 12 districts at 2 p.m. ET.It has been prepared ahead of the June 13-14 meeting, at which markets are pricing in an 88% probability that the Fed will rise its benchmark interest rate for the second time this year, according to CME Group's FedWatch tool.
The most recent Beige Book highlighted that employers struggled to find qualified workers to hire for jobs including low-skilled positions as the labor market tightened.
"As the unemployment rate has continued to fall since the last Beige Book, some attention will be given to whether there is any increase in anecdotal evidence of tighter labor markets," said Nomura economists in a preview.
Economists forecast that the unemployment rate in May remained at a decade-low of 4.4%, according to Bloomberg It will be updated on Friday.