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The Federal Reserve stated that U.S. economic activity has grown moderately over the past two months, with demand from data centers serving as a primary driver. The Beige Book released on Wednesday indicated that despite uncertainties surrounding energy prices and geopolitical outlooks, along with divergent sentiments across industries, the economic outlook remains 'favorable.' The report noted that while high-end consumer spending remains robust, consumers have become increasingly price-sensitive. Driven by demand for defense and data center orders, manufacturing activity increased in most Federal Reserve districts, with a slight overall increase in employment. The report also mentioned: 'Labor demand in manufacturing, construction, and some service sectors remains healthy, while demand for labor in the retail and hospitality sectors has declined.'
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