Fed Beige Book Shows Stable but Fragile Labor Market Supporting U.S. Consumer Spending Growth

The U.S. Federal Reserve publishes the Beige Book eight times a year, compiling interviews with businesses and communities across the 12 Federal Reserve districts to inform interest-rate decisions. PYMNTS Intelligence defines the “labor economy” as roughly 60 million workers earning less than $25 an hour, whose employment and financial resilience are crucial to U.S. consumer momentum.

The latest Beige Book, released by the Fed on April 15, 2026, and based on information collected through April 6, showed that economic activity grew slightly to moderately in eight of the 12 districts, was unchanged in two and declined in two. Employment was flat to slightly higher, while consumer spending edged up overall. Spending by high-income households remained resilient, but rising fuel costs, greater price sensitivity and increased demand for food banks underscored the fragility beneath a stable labor market.