Overall economic activity in early 2025 showed slight growth nationally with significant regional variations, as some districts reported modest or moderate growth while others noted no change or slight contractions. Consumer spending was generally lower, with demand for essential goods holding up better than for discretionary items, and unusual weather impacted leisure and hospitality. Manufacturing activity saw slight to modest increases in most districts, though concerns about looming trade policy changes were present. Real estate markets were mixed, with residential markets facing inventory constraints and construction declining modestly. Employment edged slightly higher overall, with growth in sectors like healthcare and finance offsetting declines in manufacturing and IT, and wage growth was modest to moderate, showing some signs of easing. Prices increased moderately in most districts, with input price pressures generally exceeding sales price pressures, and widespread concerns about the potential for tariffs to drive prices higher were noted across various sectors. Many businesses expressed heightened economic uncertainty, particularly regarding the impact of potential tariffs on costs and prices.

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