The Federal Reserve's "Brown Book" shows that tariffs are putting pressure on manufacturing and retail costs in the United States

New York, November 26 (Xinhua) -- According to the national economic situation survey report released by the Federal Reserve on the 26th, based on information collected from early October to mid November, overall consumer spending in the United States has further declined, and tariffs have put pressure on manufacturing and retail costs.

According to the Federal Reserve Act of the United States, the country is divided into 12 Federal Reserve districts, with one Federal Reserve Bank established in each district. This report is compiled based on the latest survey results of 12 Federal Reserve banks, also known as the 'brown book'.

The report states that prices have been warm and rising during the reporting period. The manufacturing and retail industries are generally facing cost pressures, with tariffs being the main driving force. Most of the companies associated with the Federal Reserve expect costs to continue to be under pressure. Some retailers have also reported that the federal government shutdown has had a negative impact on consumption.

The report shows that tariffs and related uncertainties continue to drag down manufacturing activities. The operating income of non-financial service industries has mostly remained stable or decreased. The increasing demand for food assistance from community organizations is partly due to the federal government shutdown, which has led to the interruption of subsidies related to the Supplemental Nutrition Assistance Program.

In terms of the labor market, the "Beige Book" pointed out that the employment scale slightly declined during the reporting period, and about half of the Federal Reserve reflected weak labor demand.

The Federal Reserve releases the "Beige Book" eight times a year to assess the economic situation in the United States through the Federal Reserve Bank. This report is an important reference material for the Federal Reserve's monetary policy meeting. The next Federal Reserve monetary policy meeting will be held on December 9-10.