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 3, 2025, 2:30 PM EST
Business activity in the Third District increased modestly in the current Beige Book period. Employment levels held steady, and wages rose at modest pre-pandemic rates. Firm prices rose moderately, straining budgets for many households and small businesses, and inflation expectations are higher still. In addition, tariffs and federal budget cuts are expected to add additional stress. Still, expectations for future growth broadened among most firms. Read the national summary. Read the Philadelphia summary.