The latest Beige Book from the Federal Reserve, based on data collected up to January 5, 2026, indicates that economic activity in eight of the twelve Federal Reserve districts showed slight to moderate growth. Three districts remained stable, while one experienced a slight decline, marking an overall improvement compared to previous cycles. Employment levels showed little change, with businesses increasingly relying on temporary workers and filling vacant positions to navigate uncertainties. Wage growth has returned to more normal levels. Prices continue to rise moderately, with tariff-related cost pressures prevalent, leading some businesses to pass these costs downstream. Energy and insurance costs are squeezing profits.