On October 15, local time, the Federal Reserve released a national economic situation survey report showing that since the last report, the overall economic activity has not changed much. Three regions reported small to moderate growth in economic activity, five regions reported no change in economic activity, and four regions reported a slight slowdown in economic activity.
Under the U.S. Federal Reserve Act, the United States is divided into 12 Federal Reserve Zones, with a Federal Reserve Bank set up in each district.The report is based on the latest findings from the 12 Federal Reserve Banks, also known as the "Brown Book".
According to the report, in recent weeks,Consumer spending overall, especially for retail goods, decreased slightly.During the Reporting Period, international travellers' demand for leisure and hospitality services further declined, while domestic consumer demand remained basically flat. In the face of rising prices and heightened economic uncertainty, low-and middle-income families continue to seek discounts and promotions, according to multiple reports.
Manufacturing activity varies by region, with most reports pointing to a challenging situation caused by higher tariffs and weak overall demand. Agriculture, energy and transportation activities generally declined across reporting regions. Future economic growth prospects vary by region and industry. A few regions reported improvement in market sentiment, with some respondents expecting demand to pick up in the next 6 to 12 months, but most still expect increased uncertainty to drag down economic activity. Some regional reports have specifically pointed out the downside risks to economic growth brought by a long-term government shutdown.
The report also shows,Employment levels have remained basically stable in recent weeks, and demand for labor in various regions and industries has generally been sluggish.In addition, prices increased further during the reporting period. Several regional reports show that investment costs grew faster due to increased import costs and increased costs for services such as insurance, healthcare and technical solutions.
The Federal Reserve publishes eight “Brown Books” a year to examine the economic situation across the United States through the Federal Reserve Bank, which is an important reference to the Fed’s monetary policy conference.