Beige Book Monitor

Seven of twelve districts grew slightly to moderately; five flat or declining, up from four in January. Growth is narrowing but still positive on net.

Slight increase on balance, but two districts reported declines. Auto sales broadly weakened; lower-income consumers pulling back; bifurcation widening.

Improved from mixed to broadly positive — eight districts reported growth. Data center and energy infrastructure demand is the primary driver nationally.

Seven districts reported flat employment. Layoffs in tech and retail offset modest gains elsewhere. Stable headline masks underlying softening via attrition strategies.

Modest to moderate wage growth in most districts. Health insurance costs compounding total compensation. Skilled trades and health care remain tight.

Eight districts reported moderate price growth, up from more mixed in January. Nine districts cited tariffs as a cost driver. Pass-through broadening and accelerating.

Residential sales and construction decreased slightly in most districts. Affordability and low inventory persist. Commercial mixed; office flight-to-quality continues.

Stable to slightly up overall. Commercial lending remains the primary strength; consumer loan demand softened in several districts. Credit standards tightening modestly.

Mixed across districts — some modest growth in professional services offset by declines in leisure, hospitality, and business services in several regions.

Most districts expect slight to moderate growth ahead. Cautious optimism prevails, though tariff uncertainty and federal policy changes are the most-cited headwinds.