Codelco's record China copper offer sparks threats to walk away, sources say

Economic activity was little changed since the previous report, according to most of the twelve Federal Reserve Districts, though two Districts noted a modest decline and one reported modest growth. Overall consumer spending declined further, while higher-end retail spending remained resilient. 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. Reports of travel and tourism activity reflected little change in recent weeks, with some contacts noting cautious discretionary spending among consumers. Manufacturing activity increased somewhat, according to most Districts, though tariffs and tariff uncertainty remained a headwind. Revenues in the nonfinancial services sector were mostly flat to down, and reports of loan demand were mixed. Some Districts reported declines in residential construction, while others said it was unchanged, and home sales activity varied. A few Districts noted ongoing recovery in the office real estate market. Conditions in the agriculture and energy sectors were largely stable, though some contacts cited challenges from the low-price environment for oil and for some crops. Community organizations saw increased demand for food assistance, due in part to disruptions in SNAP benefits during the government shutdown. Outlooks were largely unchanged overall. Some contacts noted an increased risk of slower activity in coming months, while some optimism was noted among manufacturers. Fed Beige Book: Economic activity was little changed since the previous report, according to most of the twelve Federal Reserve districts, though two districts noted a modest decline and one reported modest growth. FED BEIGE BOOK: WAGES GREW MODESTLY OVERALL, WITH STRONGER PRESSURE IN MANUFACTURING AND CONSTRUCTION; REPORT COMPILED BY FED DALLAS USING DATA THROUGH NOV 17, 2025. FED BEIGE BOOK: PRICES INCREASED AT A MODERATE PACE DURING THE REPORTING PERIOD. Fed Beige Book: Employment declined slightly over the current period, with around half of the Districts noting weaker labor demand.