U.S. economic activity rose slightly in most districts, with three regions reporting no changes and one region experiencing a moderate decline, the U.S. Federal Reserve said in its Beige Book released on Thursday.
This indicates an improvement compared to the last three reporting periods, during which most regions reported little change in economic activity, according to the Beige Book.
It shows that the outlook for future activity is mildly optimistic, with most expecting slight to modest growth in the coming months.
Most banks reported that the consumer spending went up slightly over the holiday season, buoyed by strong spending from higher-income consumers. Employment was mostly unchanged in the most recent period, with eight of the twelve districts reporting no changes in hiring. Prices grew at a moderate rate across a large majority of districts, with only two districts reporting slight price growth, the survey said.
Cost pressures resulting from tariffs were a consistent theme across all districts, it said.
The Beige Book, officially known as the Summary of Commentary on Current Economic Conditions by Federal Reserve District, is a survey on economic conditions based on information collected from its 12 regional reserve banks. It is published eight times per year.
US economic activity shows moderate growth amid inflation pressure: Fed Beige Book
US economic activity shows moderate growth amid inflation pressure: Fed Beige Book
The European Union（EU）and France have reaffirmed their support for Denmark's sovereignty over Greenland as concerns are growing over security in the Arctic following the recent statements made by U.S. President Donald Trump regarding the strategically important island.
Speaking at a press conference in Brussels on Wednesday, European Commission President Ursula von der Leyen said that "Greenland belongs to its people, so it's up to Denmark and Greenland, and only to them, to decide on matters that are concerning Denmark and Greenland."
Noting that the EU is in contact with the Danish government, Von der Leyen stressed that security in the Arctic region is a key issue of concern to the EU.
Also on Wednesday, the European Parliament's political group leaders issued a statement, condemning the remarks made by the Trump administration regarding Greenland and terming them as a "blatant" challenge to international law and to the sovereignty of NATO member Denmark.
They urged the EU institutions to define "concrete and tangible" support for Denmark and Greenland, and stressed that decisions concerning Greenland belong to Denmark and Greenland alone.
"External attempts to alter the status quo are unacceptable," the leaders said.
In a related development, a group of 23 lawmakers sent a letter to European Parliament President Roberta Metsola on Wednesday, emphasizing that if the United States continues to threaten Denmark's autonomous territory, the European Parliament should suspend debates and votes on trade agreements with the United States.
Currently, the European Parliament is deliberating on removing most U.S. import tariffs and maintaining zero-tariff policies on U.S. lobster, with a vote scheduled for January 26 and 27.
Meanwhile, French government spokeswoman Maud Bregeon, citing President Emmanuel Macron, warned on Wednesday that any infringement on Danish sovereignty over Greenland would trigger "unprecedented" consequences.
"If the sovereignty of a European ally were affected, the cascading consequences would be unprecedented," said Bregeon.
"we are closely monitoring the situation and will stand firmly with Denmark to defend its sovereignty," the spokeswoman said.
On the same day, French Prime Minister Sebastien Lecornu noted the need for serious consideration of recent U.S. signals concerning Greenland.
Lecornu reaffirmed France's "full solidarity with Denmark and the legitimate authorities of Greenland," adding that safeguarding the sovereignty of other countries is an important foundation for safeguarding one's own sovereignty.
Furthermore, French Foreign Minister Jean-Noel Barrot announced on Wednesday that France will open a consulate in Greenland on February 6, calling the move a "political signal" over the strategic Danish territory.
The foreign minister said that the U.S. plan of buying Greenland is "absurd" and that this "blackmail" should stop.
He reiterated that France and Europe will continue to support Denmark.
Greenland, the world's largest island, is a self-governing territory within the Kingdom of Denmark, while Denmark retains authority over defense and foreign policy. The United States maintains a military base on the island.
Since his first term, Trump has repeatedly expressed a desire to acquire Greenland. Both Greenland and Denmark have made clear that the island is not for sale. The White House said last week that Trump will not rule out the use of force.
EU, France reaffirm support for Denmark's sovereignty over Greenland
