The job market continued to remain solid in October, according to the Federal Reserve’s Beige Book, alongside elevated prices for materials used to make products across a number of industries.

The Beige Book, an anecdotal compilation of evidence on the economy across the Federal Reserve’s 12 bank districts, detailed how some businesses are touting solid pricing power over the past six weeks — while others said passing on costs was becoming more difficult as customers pushed back.

In Boston’s district, most contacts expected to hold prices firm moving forward based on having made significant price hikes earlier in 2022 while a few said that their prices still lagged relative to their costs and planned to make at least modest increases in the coming months. In Richmond’s district, prices rose strongly in recent weeks, but at a slightly slower pace compared to recent months.

The job market, which feeds into how much consumers can afford to swallow higher prices, saw signs of cooling, but remains strong overall. Several districts reported a cooling in demand for workers, with some noting that businesses were hesitant to add to payrolls amid increased concerns of an economic downturn. There were also scattered mentions of hiring freezes. Half of the districts noted some easing of hiring and/or retention difficulties.

At the same time, competition for workers has led to some companies poaching workers from competitors or offering higher pay. Contacts generally expected wage growth to continue as higher pay remains essential for retaining talent in the current environment. In the Richmond district, one firm implemented productivity incentives to retain workers that could pay out up to $36,000 a year. In Boston, a clothing retailer paused wage increases — having implemented substantial raises earlier in the year — but expects to offer signing bonuses to attract more seasonal hires.

“There are definite signs of easing on inflation, but a stickiness still with many prices,” Peter Boockvar, Chief Investment Officer, Bleakley Financial Group, wrote in a note to clients. “On labor, the sense of slowdown is apparent but labor shortages and the need for more skilled labor is apparent in certain industries.”