Fed's Beige reports overall U.S. growth but broadly weak momentum: among 12 Fed districts, two reported moderate growth, three slight, four modest and three flat. Manufacturing held up relatively well while consumer spending was little changed in most districts and, in over half, concentrated among higher-income households. On inf, three districts reported strong price gains, eight reported moderate gains and four said price increases accelerated from the prior period. All districts cited higher

Fed's Beige reports overall U.S. growth but broadly weak momentum: among 12 Fed districts, two reported moderate growth, three slight, four modest and three flat. Manufacturing held up relatively well while consumer spending was little changed in most districts and, in over half, concentrated among higher-income households. On inf, three districts reported strong price gains, eight reported moderate gains and four said price increases accelerated from the prior period. All districts cited higher oil prices—elevated diesel and fuel surcharges are transmitting costs through supply chains—while tariffs, insurance and other commodity prices continue to pressure input costs. Some firms expect further price increases in coming months as existing contracts expire and hedges or delivery contracts are renegotiated. Employment was broadly unchanged but shortages of technical and skilled workers persist; five districts said some firms have reduced headcount via attrition, delayed hiring or expect fewer new roles following AI-driven productivity investments. Rising inf and benefits costs are pushing stronger wage demands. Most firms remain cautiously positive on the near-term outlook but expect limited growth and ongoing risks from energy prices, tariffs and other uncertainties.