Below are the key points from the Beige Book report released by the American Federal Reserve: Overall economic activity has increased slightly since mid-January, with six districts reporting no change, while four districts recorded modest or moderate growth, and two districts reported slight contraction. Consumer spending overall has decreased, with strong demand for basic goods continuing, and increased sensitivity to prices for discretionary goods, especially among low-income shoppers. The hospitality and entertainment sectors were negatively impacted by unstable weather conditions in recent weeks, leading to a decline in demand. Auto sales recorded a modest overall decline, reflecting weakness in consumer spending. The manufacturing sector witnessed slight to moderate increases in most districts, amid manufacturers' concerns about potential changes in trade policies, especially in petrochemical and office equipment industries. Banking activity has increased slightly in some districts, with lending and financing levels remaining stable. Residential real estate markets showed mixed performance, with continued inventory constraints affecting unit availability. Construction activity declined modestly in both residential and non-residential projects, amid developers' concerns about the impact of potential tariffs on lumber and other material prices. The agricultural sector experienced slight deterioration in some districts, affecting agricultural productivity. Employment increased slightly, with four districts reporting minor increases, while seven districts saw no change, and one district recorded a slight decline. The healthcare and finance sectors saw growth in employment rates, while the manufacturing and information technology sectors experienced declines in employment. Labor availability improved in many sectors and regions, although there are still some occupations experiencing shortages of skilled labor. Wages grew at a modest to moderate pace, but the growth rate was slower compared to the previous report, indicating a decrease in wage pressures. Prices rose moderately in most districts, with some areas recording faster increases compared to the previous period. Price pressures were evident in the manufacturing and construction sectors due to rising costs of food, insurance, and shipping goods. Companies faced challenges in passing on rising input costs to customers, although there are expectations that potential tariffs will push some companies to raise prices ahead of time. The economic outlook for the coming months is somewhat optimistic, despite ongoing concerns regarding the impact of trade policies and inflation.
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