美联储褐皮书：多数联储辖区经济小幅改善，就业总体平稳

Core Insights - The latest Beige Book from the Federal Reserve indicates that as of January 5, 2026, economic activity in 8 out of 12 Federal Reserve districts is showing slight to moderate growth, with 3 districts remaining stable and 1 experiencing a slight decline, reflecting an overall improvement compared to previous periods [1] Economic Activity - Economic activity is characterized by slight to moderate growth in 8 districts, stability in 3, and a slight decline in 1 [1] - Overall performance has improved relative to prior periods [1] Employment Trends - Employment changes remain relatively stable, with companies increasingly relying on temporary workers and filling vacant positions to manage uncertainty [1] - Wage growth has returned to more normal levels [1] Price Trends - Prices are primarily experiencing moderate increases, with widespread cost pressures related to tariffs [1] - Some companies are beginning to pass on costs to downstream customers [1] - Energy and insurance costs are exerting pressure on profit margins [1]