US consumer spending dips further: Fed's Beige Book

The United States' overall consumer spending declined further from early October to mid-November, while high-end retail spending remained resilient, the Federal Reserve said in its Beige Book released on Wednesday.

"Some retailers noted a negative impact on consumer purchases from the government shutdown, and auto dealers saw declines in EV sales following the expiration of the federal tax credit," said the Beige Book.

The Beige Book, a survey on economic conditions based on information collected from 12 regional reserve banks, is published eight times per year.

U.S. economic activity was little changed since the previous report, according to most of the 12 Federal Reserve Districts, noted the Beige Book.

The survey showed that manufacturing activity increased somewhat, though tariffs and tariff uncertainty remained a headwind.

Community organizations saw increased demand for food assistance, partly due to disruptions in benefits of the Supplemental Nutrition Assistance Program during the federal government shutdown, said the Beige Book.

U.S. prices rose moderately during the reporting period and input cost pressures were widespread in manufacturing and retail, largely reflecting tariff-induced increases, according to the survey.

"Looking ahead, contacts largely anticipate upward cost pressures to persist but plans to raise prices in the near term were mixed," the Beige Book said.