The Federal Reserve's Beige Book report indicated a slow-cooling labor market as worker turnover remains low and jobs growth holds steady for most districts in the month of October.

Yahoo Finance Fed correspondent Jennifer Schonberger breaks down the central bank's economic status check, which collects anecdotal evidence, noting consumer sensitivity to inflated food prices.

The US Bureau of Labor Statistics is scheduled to release its October jobs report next week, on Friday, November 1. Fed officials will convene in Washington, D.C. from November 6 to 7 for their FOMC policy meeting.

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This post was written by Luke Carberry Mogan.