The Beige Book data is quite interesting; high-income groups are still shopping as usual, while middle- and low-income families are starting to tighten their wallets. The consumption stratification is becoming more and more apparent.

Wu said that the Federal Reserve's May Beige Book shows that overall U.S. economic activity is growing at a slight to moderate pace, consumer spending continues to diverge, with high-income groups' consumption remaining relatively stable, while middle- and low-income households are becoming more cautious due to affordability pressures.
The labor market is generally flat, with only one district experiencing moderate growth, and businesses broadly maintaining a "low hiring, low layoffs" stance.
Prices are rising at a moderate to faster pace, with most districts reporting increased inflationary pressures compared to the previous report, mainly driven by higher energy costs resulting from Middle East conflicts.