"Commercial real estate conditions were mixed improving slightly in a handful of districts but declining elsewhere, particularly for office properties. Banking contacts said demand for home equity loans rose modestly, even as traditional mortgage activity slowed. The latest Beige Book data was prepared by the Federal Reserve Bank of Richmond using information collected on or before Jan. 5. Comments from district contacts do not necessarily reflect views of Federal Reserve officials."
"Consumer spending rose slightly overall, supported by the holiday shopping season and strong demand from higher-income households. Spending gains were concentrated in luxury goods, travel, tourism and other experiential purchases. Low- and moderate-income consumers, however, remained cautious and increasingly price sensitive, limiting discretionary spending. Nonfinancial services demand was generally steady to slightly stronger. Manufacturing performance remained uneven, with five districts reporting growth and six noting contraction. Energy demand and production were flat to slightly down nationwide."
"Outlooks for the months ahead leaned mildly optimistic, with most districts expecting slight to modest growth despite persistent uncertainty. Employment levels were largely unchanged, with eight districts reporting flat hiring. When firms added workers, hiring was mostly limited to filling existing vacancies rather than expanding payrolls. Several districts reported increased reliance on temporary workers as businesses sought flexibility. Labor shortages persisted in specialized fields such as health care, engineering and skilled trades. Fewer workers were switching jobs, contributing to easing wage pressures. Wage growth continue"
Economic activity increased at a slight to modest pace in eight of the 12 Federal Reserve districts, while three reported little change and New York saw a modest decline. Consumer spending rose slightly overall, led by holiday shopping and higher-income demand for luxury goods, travel, tourism, and experiences, while low- and moderate-income households remained cautious and price sensitive. Commercial real estate conditions were mixed, with office properties notably weaker. Manufacturing performance was uneven and energy demand was flat to slightly down. Employment was largely unchanged, hiring mainly filled vacancies, and labor shortages persisted in specialized occupations.
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