美國聯邦儲備體系發布的最新褐皮書顯示，依據截至2026年1月5日蒐集的資訊，美國12個聯儲轄區中，有8個轄區經濟活動呈現輕微至溫和成長，3個轄區基本持平，1個轄區小幅下滑，整體表現較先前數個週期有所改善。就業市場整體變化不大，企業多透過僱用臨時人員與補足空缺職位的方式應對不確定性，薪資增速則回歸至較為正常的水準。物價仍以溫和上漲為主，與關稅相關的成本壓力普遍存在，部分企業已開始向下遊轉嫁成本，能源與保險成本則持續壓縮企業獲利空間。

The latest Beige Book released by the Federal Reserve System shows that, based on information collected through January 5, 2026, economic activity expanded slightly to moderately in 8 out of the 12 Federal Reserve districts, was essentially unchanged in 3 districts, and edged down in 1 district. The overall performance has improved compared with previous cycles. Employment saw little overall change, as businesses mainly relied on temporary hiring and filling vacant positions to cope with uncertainties, and wage growth has returned to a more normal level. Prices continued to rise moderately, with widespread cost pressures related to tariffs. Some enterprises have started passing these costs on to downstream sectors, while energy and insurance costs are squeezing corporate profits.