According to Wu, the latest Fed Beige Book shows that economic activity in the United States saw a slight rise from the end of May to early July, with a modest increase in employment numbers and wages continuing to rise moderately. Layoffs in the manufacturing sector have increased slightly, but overall layoffs remain limited. Many regions are facing rising pressures on raw material and insurance costs driven by tariffs, and some companies have begun to pass on some of these costs to consumers. The risk of rising inflation may increase in the coming months. The overall outlook is neutral to slightly pessimistic, with only a few regions expecting economic activity to rise.