Third District Beige Book

Every six to seven weeks, we produce a fresh Philadelphia Beige Book report — a concise two-page narrative describing current economic conditions in the Third District. Our report focuses on changes since the prior Beige Book period in general economic activity, employment, wages, and prices. Additional insights on key sectors, emerging trends, and changing outlooks are gleaned from in-depth one-on-one conversations with contacts curated to offer wide-ranging perspectives on consumption, production, and distribution among diverse communities throughout the Third District. In cooperation with colleagues in the other 11 Federal Reserve Districts, we contribute to a national summary that helps inform the Federal Open Market Committee of trends that may not yet be observable from conventional statistics or may be limited to certain regions.

Visit the Board of Governors’ Beige Book page for the national summary, reports from all 12 districts, and archives dating to 1996. 

Recent Release

Last updated: December 4, 2024, 2:30 PM EST

Third District business activity edged up in the current Beige Book period after falling slightly last period. Consumer spending was flat overall, but the broader nonmanufacturing sector edged up, and manufacturers reported modest growth. Employment, wages, and prices all rose modestly, but inflation expectations edged higher over concerns about potential tariffs. On average, firms expect moderate economic growth over the next six months. Read the national summaryRead the Philadelphia summary.

RELEASE ARCHIVE