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On July 16, the Federal Reserve published its latest 'Beige Book' summarizing economic conditions. According to the report, economic activity experienced a modest uptick from late May to early July, yet uncertainty lingered, prompting businesses to adopt a cautious approach. The tourism sector exhibited mixed results, manufacturing activity saw a slight decline, and non-financial services remained largely stable, albeit with regional variations. The overall economic outlook was neutral to slightly pessimistic. Hiring remained cautious, largely due to persistent economic and policy uncertainties. Furthermore, several regions reported shortages of skilled labor, leading some employers to increase investments in automation and artificial intelligence in an effort to mitigate hiring needs.
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