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: October 18, 2023, 2:30 PM EST

Third District business activity continued to decline slightly during the current Beige Book period. Consumer spending declined overall, as did manufacturing and nonmanufacturing activity. Employment again rose slightly as labor availability improved further. Wage growth and inflation slowly subsided but continued at a modest pace. Expectations for economic growth remained subdued. Read the national summaryRead the Philadelphia summary.