Federal Reserve's "Beige Book": U.S. Economic Outlook Faces Greater Uncertainty

Odaily News The Federal Reserve's national economic conditions report released on the 2nd shows that from early July to August 24, U.S. economic activity continued to grow at a slight to moderate pace overall, but factors such as rising energy prices, policy changes, and international conflicts have brought greater uncertainty. Under the Federal Reserve Act, the United States is divided into 12 Federal Reserve Districts, each with its own Federal Reserve Bank. The report, also known as the "Beige Book," is compiled based on the latest survey results from the 12 Federal Reserve Banks.

The report states that among the 12 Federal Reserve Districts, 10 experienced slight to moderate economic growth, while 2 saw no change. Consumer spending increased slightly, but consumers remained price-sensitive. Auto sales were sluggish due to weak consumer confidence, high oil prices, and rising financing costs. Agriculture improved slightly but remained generally weak overall. The report noted that uncertainty remains elevated due to rising energy prices, policy changes, and international conflicts. (Xinhua)