US Economic Activity 'Little Changed' in Recent Period, Fed's Beige Book Shows

02:34 PM EST, 11/26/2025 (MT Newswires) -- The US economy was "little changed" since mid-October's Beige Book report, the Federal Reserve's most recent update released Wednesday showed.

"Economic activity was little changed since the previous report, according to most of the twelve Federal Reserve Districts, though two Districts noted a modest decline and one reported modest growth," according to the summary.

Consumer spending fell further during the period, with some noting a negative impact from the government shutdown, though high-end retail spending was solid.

Manufacturing activity improved, but tariffs remained an obstacle, while residential construction was flat to lower and home sales activity varied by regions.

The economic outlook was mostly unchanged, the Beige Book summary noted, with some looking for slower activity while some manufacturers were more optimistic.

"Employment declined slightly over the current period with around half of Districts noting weaker labor demand," the Beige Book summary said. "Despite an uptick in layoff announcements, more Districts reported contacts limiting headcounts using hiring freezes, replacement-only hiring, and attrition than through layoffs. In addition, several employers adjusted hours worked to accommodate higher or lower than expected business volume instead of adjusting the number of employees."

Employers said that they were having an easier time finding workers, but there were some spots of difficulty for certain skilled positions. Wages grew modestly overall, but some regions saw more moderate wage pressures due to tighter labor supply.

Prices rose moderately during the period, according to the summary, with widespread input cost pressures that reflected tariff increases.

The ability of firms to pass through those costs to customers varied based on demand, competition and price sensitivity.

The outlook for cost pressures was tilted upward but plans to raise prices were mixed.

The Beige Book summary was prepared at the Federal Reserve Bank of Dallas based on information collected on or before Nov. 17.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.