The Federal Reserve's "Beige Book" shows that income inequality in the United States is intensifying consumer spending.

The National Economic Situation Survey Report released by the Federal Reserve Board of the United States on the 3rd showed that in the most recent reporting period from April 7 to May 27, overall economic activity in the United States expanded "mildly to moderately," but consumer spending showed differentiation trends. According to the Federal Reserve Act of the United States, the country is divided into 12 Federal Reserve Districts, each with a Federal Reserve Bank. The report is compiled based on the latest survey results from the 12 Federal Reserve Banks and is also known as the "Beige Book." The report stated that consumer spending in different Federal Reserve Districts remained uneven, with consumer spending among different income groups becoming increasingly divergent. High-income families are less sensitive to price increases, middle-income families "budget every dollar carefully," and low-income families face significant financial pressure. Overall, consumers are using credit cards more, retail store traffic is decreasing, and demand for essential goods is increasing. Due to increased uncertainty and signs of weakening consumer spending impacting market sentiment, businesses are maintaining relatively stable growth expectations for the next 6 months. The report also mentioned that the labor market in 11 Federal Reserve Districts showed little or no change, with strong recruitment in the manufacturing sector in multiple Federal Reserve Districts. Prices are rising overall at a moderate to strong pace, with inflation levels in most Federal Reserve Districts higher than in the previous reporting period. The main reason for increasing inflation pressure is the rise in energy costs due to the conflict in the Middle East, which has spilled over into the transportation, packaging, daily necessities, and fertilizer sectors. The Federal Reserve publishes the "Beige Book" eight times a year, conducting an assessment of the national economic situation through the Federal Reserve Banks, which serves as an important reference for the Federal Reserve's monetary policy meetings. The next monetary policy meeting of the Federal Reserve is scheduled for June 16th to 17th.