Fed’s Beige Book Points to Slight to Moderate Growth at Year-End
- Several firms noted concerns about tariff, immigration policy
- Six districts saw slight hiring increase, others saw no change
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Economic activity increased “slightly to moderately” across the US in late November and December, supported by strong holiday sales, the Federal Reserve said in its Beige Book survey of regional business contacts.
Contacts were more optimistic than pessimistic about the outlook for 2025, though several expressed concerns about the potential impact of changes in immigration and tariff policy. A number of manufacturers reported stockpiling inventories in anticipation of higher levies, according to the Fed report released Wednesday.