1. Overall economy: Eight of the 12 jurisdictions grew slightly to moderately, a marked improvement over the previous three rounds; holiday consumption drives spending, high income groups have strong consumption, and low- and middle-income groups are sensitive to prices. 2. Job market: The overall situation is flat, with no change in recruitment in the eight jurisdictions; most enterprises are filling jobs rather than expanding, and there is a shortage of skilled workers; AI's impact on employment is limited, and the wage growth rate has returned to “normal”. 3. Price pressure: Prices have risen moderately in most jurisdictions; tariff costs are a common theme. Companies are beginning to pass on to consumers, but retail, catering and other industries are hesitating due to customer sensitivity; energy and insurance costs continue to squeeze profits. 4. Industry differentiation: The manufacturing industry grew 5 times and contracted 6 times; the banking sector stabilized and improved, and demand for credit cards and commercial loans rose; most residential real estate weakened; agriculture remained basically flat, and energy demand remained flat or declined slightly. 5. Jurisdiction highlights: Philadelphia shifts from contraction to growth; St. Louis due to the end of the government shutdown and recovery in holiday sales; New York still shrinks moderately; Dallas banking has performed well but the outlook is cautious. 6. Future outlook: Most institutions expect slight to moderate growth in the next few months, and are moderately optimistic about the outlook.

1. Overall economy: Eight of the 12 jurisdictions grew slightly to moderately, a marked improvement over the previous three rounds; holiday consumption drives spending, high income groups have strong consumption, and low- and middle-income groups are sensitive to prices. 2. Job market: The overall situation is flat, with no change in recruitment in the eight jurisdictions; most enterprises are filling jobs rather than expanding, and there is a shortage of skilled workers; AI's impact on employment is limited, and the wage growth rate has returned to “normal”. 3. Price pressure: Prices have risen moderately in most jurisdictions; tariff costs are a common theme. Companies are beginning to pass on to consumers, but retail, catering and other industries are hesitating due to customer sensitivity; energy and insurance costs continue to squeeze profits. 4. Industry differentiation: The manufacturing industry grew 5 times and contracted 6 times; the banking sector stabilized and improved, and demand for credit cards and commercial loans rose; most residential real estate weakened; agriculture remained basically flat, and energy demand remained flat or declined slightly. 5. Jurisdiction highlights: Philadelphia shifts from contraction to growth; St. Louis due to the end of the government shutdown and recovery in holiday sales; New York still shrinks moderately; Dallas banking has performed well but the outlook is cautious. 6. Future outlook: Most institutions expect slight to moderate growth in the next few months, and are moderately optimistic about the outlook.