Economic activity increased at a slight to moderate pace in eleven of the Federal Reserve's twelve districts during late May and June, according to the Beige Book released July 15. One district reported no change.
The national summary describes an economy that is still expanding but unevenly. Consumer spending edged higher, although contacts reported less discretionary buying and more trading down to cheaper products. Manufacturing grew in most districts, helped by data-center, machinery and defense orders. Tourism also improved, with some areas benefiting from World Cup visitors.
Labor conditions strengthened modestly. Five districts reported meaningful employment gains, while seven saw little or no change. Businesses still had difficulty finding skilled technicians and tradespeople, and some said they were using artificial intelligence in hiring or productivity efforts.
Price pressures remained important. All districts reported increases, with energy, transportation, raw-material costs and tariffs frequently cited. The report is based on interviews and other anecdotal information collected on or before July 6; it is not a statistical forecast or a statement of Federal Reserve policy.
Source: Federal Reserve Board ↗
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