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: September 2, 2026, 2:30 p.m. ET
Business activity in the Third District rose modestly this period, up from a slight increase in the last period. Employment improved slightly, as both manufacturers and nonmanufacturers reported increased hiring. Wage inflation again grew modestly, and firm price inflation edged down to a modest pace. Expectations for future growth rose at a strong pace for manufacturers but remained below the long-run average for nonmanufacturers. Read the national summary. Read the Philadelphia summary.