Most of the twelve Federal Reserve Districts reported that their economies expanded at a modest or moderate pace from mid-October through late November, though both Dallas and Philadelphia noted slower growth compared with the prior Beige Book period. St. Louis and Kansas City noted just slight growth. On balance, consumer spending held steady.
Tariffs remained a concern for manufacturers, but a majority of Districts continued to report moderate growth in the sector. Reports of tariff-induced cost increases have spread more broadly from manufacturers and contractors to retailers and restaurants.