美联储褐皮书：经济活动基本持平，企业裁员报告增多

Core Insights - The Federal Reserve's Beige Book indicates that U.S. economic activity has remained stable since September, with an increase in reported layoffs raising concerns about a softening labor market [1][2] - The report highlights rising costs due to tariffs, with the term "tariff" mentioned 64 times, a decrease from 100 mentions in the previous report [1] Economic Activity - Economic activity in most Federal Reserve districts is stable, with some areas reporting slight expansions or contractions [3] - The St. Louis district reports unchanged economic activity and employment levels, with labor shortages attributed to immigration policy changes [3] Employment Trends - An increase in the number of employers reducing staff due to weak demand and economic uncertainty is noted, alongside investments in artificial intelligence [1][2] - Job stability is reported in several districts, but concerns about future hiring persist due to economic uncertainty [3] Price Trends - Moderate price increases are observed across various districts, with some areas experiencing heightened cost pressures [3] - Inflation is reported to be eroding consumer purchasing power, particularly in the St. Louis district [3] Consumer Spending - Consumer spending shows slight growth in some districts, supported by middle to high-income households, but overall economic uncertainty dampens expectations for significant future growth [3]