Beige Book #ФРС:

▫️Economic activity has grown modestly or moderately in 7 out of 12 districts. 5 districts are unchanged or experiencing a decline ( compared to 4 last time)
❗️Consumer spending has increased slightly overall, but two districts report continued declines. Widespread increase in price sensitivity, low-income consumers are reducing spending. Winter storms have slowed retail traffic in several regions.

▫️Production has improved: 8 districts report growth. Drivers include data centers and energy infrastructure.

❗️Employment has remained essentially unchanged in 7 out of 12 districts. Reasons include rising costs, weak demand, and overall uncertainty. Companies are increasingly adopting AI and automation – currently focusing on productivity rather than layoffs.

▫️Wages are growing moderately – competition for talent persists in certain segments, especially in skilled trades.

▫️Prices are rising moderately in most districts. The key issue is tariff pressure: 9 districts mentioned tariffs as a factor driving cost increases.

▫️The financial sector is stable or improving, with the main driver being commercial lending. Residential real estate is under pressure due to low supply and accessibility issues.

▫️Forecasts are moderately optimistic – most districts expect slight or moderate economic growth in the coming months.