美联储“褐皮书”：美国消费支出小幅下降，劳动力需求普遍低迷

Economic Activity Overview - Overall economic activity has shown little change since the last report, with three regions reporting slight to moderate growth, five regions reporting no change, and four regions indicating a slight slowdown [1] - Recent weeks have seen a slight decline in overall consumer spending, particularly in retail goods, while demand for leisure and hotel services from international travelers has further decreased [1][2] - Domestic consumer demand has remained relatively stable, but middle- and low-income households are increasingly seeking discounts and promotional activities due to rising prices and economic uncertainty [1] Manufacturing and Sector Performance - Manufacturing activity varies by region, with most reports indicating challenges due to increased tariffs and overall weak demand [1] - Agricultural, energy, and transportation activities have generally declined across various reporting regions [1] - Future economic growth prospects differ by region and industry, with some areas reporting improved market sentiment and expectations for demand recovery in the next 6 to 12 months, while most anticipate that increasing uncertainty will hinder economic activity [1] Employment and Pricing Trends - Employment levels have remained stable in recent weeks, but demand for labor across regions and industries is generally weak [2] - Price levels have continued to rise, with multiple regions reporting increased input costs due to higher import costs and rising service costs in insurance, healthcare, and technology solutions [2] - Many regions have reported input cost increases attributed to tariffs [2] Federal Reserve's Role - The report is part of the Federal Reserve's "Beige Book," which is published eight times a year and serves as an important reference for monetary policy meetings [2]