三座大山压顶！美联储褐皮书揭示三重压力：就业放缓、消费转弱、物价上涨

Group 1 - The latest Beige Book from the Federal Reserve indicates a slight weakening in the U.S. labor market as of mid-November, with many businesses reducing hiring plans and hours, and some even starting layoffs [1][2] - Approximately half of the 12 Federal Reserve districts reported a decline in labor demand, with companies preferring to freeze hiring or adjust employee hours rather than resorting to layoffs [2][3] - There is a noted reversal in labor mobility, with many employees returning to the restaurant industry for part-time work as hours in higher-paying warehouse jobs have been cut [3] Group 2 - Consumer spending continues to decline, particularly among middle-income households, while high-income consumers maintain resilient spending, indicating a divergence in spending patterns [3][4] - The consumer confidence index has dropped to its lowest level since April, reflecting a cautious spending trend among consumers [4] - Overall prices are rising moderately, with manufacturers and retailers facing higher input costs due to tariffs, although the ability to pass these costs onto consumers remains uncertain [5]