褐皮书：各联邦储备区当前经济状况评论摘要

Summary of Commentary on January 2026 About This Publication....................................................................................................iiNational Summary...........................................................................................................1Federal Reserve Bank of Boston..................................................................................5Federal Reserve Bank of New York..............................................................................8Federal Reserve Bank of Philadelphia.......................................................................12Federal Reserve Bank of Cleveland............................................................................16Federal Reserve Bank of Richmond...........................................................................20 The Beige Book is a Federal Reserve System publication about current economic conditionsacross the 12 Federal Reserve Districts. It characterizes regional economic conditions and pros- The Beige Book is intended to characterize the change in economic conditions since the lastreport. Outreach for the Beige Book is one of many ways the Federal Reserve System engageswith businesses and other organizations about economic developments in their communities. Each Federal Reserve Bank gathers information on current economic conditions in its Districtthrough reports from Bank and Branch directors, plus interviews and online questionnaires com-pleted by businesses, community organizations, economists, market experts, and other sources. The information from contacts supplements the data and analysis used by Federal Reserve econo-mists and staff to assess economic conditions in the Federal Reserve Districts. The qualitative information enables comparison of economic conditions in different parts of the country, which The Federal Reserve System conducts a wide array of recurring surveys of businesses, house-holds, and community organizations. A list of statistical releases compiled by the Federal ReserveBoard is availablehere, links to each of the Federal Reserve Banks are availablehere, and a sum-mary of the System’s community outreach is availablehere. In addition,Fed Listensevents have Overall economic activity increased at a slight to modest pace in eight of the twelve FederalReserve Districts, with three Districts reporting no change and one reporting a modest decline.This marks an improvement over the last three report cycles where a majority of Districts reportedlittle change. Most banks reported slight to modest growth in consumer spending this cycle,largely attributed to the holiday shopping season. Several Districts also noted that spending wasstronger among higher-income consumers with increased spending on luxury goods, travel,tourism, and experiential activities. Meanwhile, low to moderate income consumers were seen to Employment was mostly unchanged in the most recent period, with eight of the twelve Districtsreporting no changes in hiring. Multiple Districts reported an increase in the usage of temporaryworkers, with one contact reporting this allows them “to stay flexible in uncertain times.” Whenfirms were hiring, it was mostly to backfill vacancies rather than create new positions. Firmsreported continued challenges finding skilled labor, particularly in engineering, health care, and Prices grew at a moderate rate across a large majority of Districts, with only two Districts reportingslight price growth. Cost pressures due to tariffs were a consistent theme across all Districts. Sev-eral contacts that initially absorbed tariff-related costs were beginning to pass them on to cus-tomers as pre-tariff inventories became depleted or as pressures to preserve margins grew more Boston Economic activity increased slightly despite a moderate decline in home sales. Consumerspending rose slightly overall, with strong growth for high-end goods and services. Employmentand wages were flat, with only selective layoffs. Prices rose further at a modest pace overall, with New York Economic activity continued to decline modestly. Employment declined slightly and wage growthremained modest, with ongoing reports of layoffs at major employers in the region. The pace ofprice increases picked up further but remained moderate. Consumer spending was up slightly over Philadelphia Economic activity in the Third District rebounded to a slight pace of growth from a modest declineduring the prior period. Employment levels also appeared to rise modestly. Wage increases have Cleveland Fourth District business activity increased slightly in recent weeks, with expectations for continuedslight growth in the months ahead. Several manufacturing and construction contacts notedincreased confidence among businesses despite lingering uncertainty. Meanwhile, consumer Richmond The regional economy continued to grow modestly in recent weeks. Consumer spending on retail,travel, and tourism increased mod