The Federal Reserve's Beige Book shows that economic activity remains largely unchanged, while consumer spending has declined

According to Jinshi reports, the Federal Reserve's Beige Book shows that U.S. economic activity has remained largely unchanged in recent weeks, with overall consumer spending declining further, except for the high-end consumer group. The report points out that the U.S. labor market has slightly weakened, and price levels continue to rise moderately. The Federal Reserve stated, "The overall economic outlook remains stable," while some businesses warned of the risk of an economic slowdown in the coming months. Due to the U.S. government shutdown causing a disruption in the collection of key economic data, on-the-ground research has garnered significant attention.