According to BlockBeats, the Federal Reserve's Beige Book, released on July 16, showed that U.S. economic activity grew slightly to moderately in 11 of the 12 Fed districts between the end of May and June, with the overall growth rate roughly the same as the previous period.
The report states that factors such as high oil prices dampened some consumption, with consumers reducing spending on non-essential goods and turning to lower-priced items. Tourism saw some recovery, with World Cup-related tourist arrivals providing a boost to some regions. Manufacturing maintained moderate growth, with orders increasing in data centers, machinery, and defense sectors. Construction and real estate activity improved slightly, with data center construction being a highlight. Furthermore, drilling activity increased in the energy sector, and financial conditions remained generally stable, with commercial and consumer lending rising moderately.
However, agriculture has been affected by falling commodity prices, rising costs, and tighter credit. Most respondents expect the economy to continue expanding in the coming months, but the outlook for fuel costs remains highly uncertain.