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美联储:2026美国经济形势调查报告(褐皮书):经济温和扩张中的隐忧与分化(1月版)(英文版)(54页).pdf

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1、The Beige BookSummary of Commentary onCurrent Economic Conditions byFederal Reserve DistrictJanuary 2026F E D E R A L R E S E R V E S Y S T E MContentsAbout This Publication.iiNational Summary.1Federal Reserve Bank of Boston.5Federal Reserve Bank of New York.8Federal Reserve Bank of Philadelphia.12F

2、ederal Reserve Bank of Cleveland.16Federal Reserve Bank of Richmond.20Federal Reserve Bank of Atlanta.23Federal Reserve Bank of Chicago.27Federal Reserve Bank of St.Louis.31Federal Reserve Bank of Minneapolis.34Federal Reserve Bank of Kansas City.38Federal Reserve Bank of Dallas.42Federal Reserve Ba

3、nk of San Francisco.46iAbout This PublicationWhat is the Beige Book?The Beige Book is a Federal Reserve System publication about current economic conditionsacross the 12 Federal Reserve Districts.It characterizes regional economic conditions and pros-pects based on a variety of mostly qualitative in

4、formation,gathered directly from each Districtssources.Reports are published eight times per year.What is the purpose of the Beige Book?The Beige Book is intended to characterize the change in economic conditions since the lastreport.Outreach for the Beige Book is one of many ways the Federal Reserv

5、e System engageswith businesses and other organizations about economic developments in their communities.Because this information is collected from a wide range of contacts through a variety of formaland informal methods,the Beige Book can complement other forms of regional information gath-ering.Th

6、e Beige Book is not a commentary on the views of Federal Reserve officials.How is the information collected?Each Federal Reserve Bank gathers information on current economic conditions in its Districtthrough reports from Bank and Branch directors,plus interviews and online questionnaires com-pleted

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1. **整体经济活动**:12个联邦储备区中8个经济活动轻微至温和增长,3个持平,1个轻微下降;消费者支出因假日季温和增长,高收入群体消费强劲,低收入群体价格敏感。 2. **就业市场**:8个区就业不变,临时工使用增加;工资温和增长,技能劳动力短缺持续,AI对就业影响有限。 3. **价格与成本**:多数区价格温和增长,关税成本压力普遍,部分行业开始转嫁成本;能源和保险成本挤压利润。 4. **行业动态**:制造业5个区增长、6个收缩;住宅地产销售和建设多数区放缓;商业地产略有回升。 5. **未来展望**:多数区预期未来几个月轻微至温和增长,乐观情绪温和。
经济趋势如何? 就业市场怎样? 物价涨幅多大?
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