Fed Brown Book: Overall positive but uncertain economic outlook

On 3 September, the United States Federal Reserve Brown Book showed a moderate increase in United States economic activity since early July. Ten of the 12 federated territories recorded slight to moderate growth, and two remained unchanged. Consumer spending has increased slightly, but consumer price sensitivity has increased and high-end consumption has remained strong; car sales have been hampered by weak confidence, high oil prices and rising financing costs. Manufacturing activity rebounded in most areas, with some reporting strong demand for orders related to defence and data centres. Growth in the job market slowed, with only a slight overall increase, and labour demand in areas such as manufacturing and construction was better, but demand in the retail and hotel sectors declined. On the price side, most regions reported moderate price increases, and cost pressures on energy, transport, raw materials and tariffs remained. Businesses anticipate an overall positive economic outlook for the future, but remain concerned about the uncertainty associated with energy prices, policies and international conflicts。