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: April 23, 2025, 2:30 PM EST
Third District business activity declined modestly during the current Beige Book period after a slight decrease last period. Nonmanufacturing activity fell moderately. Employment declined slightly; wages and prices again grew modestly. Generally, sentiment fell, and firms grew less optimistic about future growth amid rising economic uncertainty. Read the national summary. Read the Philadelphia summary.