美聯儲最新褐皮書顯示，5月底至7月初期間，美國經濟活動略有增長，就業人數小幅上升，工資繼續溫和上漲，製造業裁員略增但整體裁員仍屬有限。各地普遍面臨由關稅推動的原材料和保險成本上升壓力，部分企業已將部分成本轉嫁至消費者，未來幾個月通脹上行風險或將加大。整體前景偏中性至略顯悲觀，僅少數地區預計經濟活動將有所增長。  

The latest Beige Book of the Federal Reserve shows that between late May and early July, U.S. economic activity grew slightly, employment numbers rose modestly, wages continued to increase moderately, and layoffs in manufacturing increased slightly but overall layoffs remained limited. All regions generally faced pressure from rising raw material and insurance costs driven by tariffs, and some enterprises have passed on part of the costs to consumers. The risk of upward inflation may intensify in the next few months. The overall outlook is neutral to slightly pessimistic, with only a few regions expecting economic activity to grow.