Consumer spending across the US grew only slightly, with heightened price sensitivity showing up alongside solid high-end purchases, according to the Federal Reserve’s August Beige Book, which draws on information gathered through August 24. Spending in New York rose on strength at the top of the market, though mid-tier gains reflected higher prices, not more units sold. Cleveland recorded its fourth straight period of falling spending, and smaller Richmond retailers saw flat to negative demand while upscale Virginia hotels posted double-digit revenue growth. Community organizations in Atlanta reported families covering essentials with BNPL, payday loans, and credit cards, and New York banks said delinquencies ticked up in most loan categories.
