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: November 30, 2022, 2:30 PM EST

Third District business activity held fast during the current Beige Book period even as it teetered on the edge of decline. Although wage and price inflation continued to subside, their elevated levels and rising interest rates have subdued consumer spending in many sectors. Employment continued to rise slightly, although some firms have begun layoffs. Expectations deteriorated. Read the national summaryRead the Philadelphia summary.