Year Month Federal Reserve Beige Book: Summary of Economic Conditions in the U.S. Federal Reserve Districts

Key Chapter Title List

1. About This Publication
2. National Summary
3. Summary of Economic Activity by the Federal Reserve Bank of Boston
4. Summary of Economic Activity by the Federal Reserve Bank of New York
5. Summary of Economic Activity by the Federal Reserve Bank of Philadelphia
6. Summary of Economic Activity by the Federal Reserve Bank of Cleveland
7. Summary of Economic Activity by the Federal Reserve Bank of Richmond
8. Summary of Economic Activity by the Federal Reserve Bank of Atlanta
9. Summary of Economic Activity by the Federal Reserve Bank of Chicago
10. Summary of Economic Activity by the Federal Reserve Bank of St. Louis
11. Summary of Economic Activity by the Federal Reserve Bank of Minneapolis
12. Summary of Economic Activity by the Federal Reserve Banks of Kansas City, Dallas, and San Francisco

Document Introduction

The Federal Reserve's Beige Book is a core economic report published by the U.S. Federal Reserve System. It aims to depict regional economic conditions and development prospects based on qualitative information from the 12 Federal Reserve Districts. Published eight times a year, it serves as a key reference for policymakers, researchers, and market participants. This report is the April 2025 edition, compiled based on information collected on or before April 14, 2025, focusing on recent core dynamics and potential risks in the U.S. economy.

The report's national summary indicates that since the previous report, U.S. economic activity has been largely flat, but uncertainty stemming from international trade policy permeated feedback across all districts. Five districts saw slight growth, economic activity in three districts was relatively stable, while the remaining four districts experienced slight to modest declines. Non-auto consumer spending declined overall. However, most districts reported modest to strong growth in auto and some non-durable goods sales, widely attributed to pre-tariff-related price increase stockpiling. Both leisure and business travel declined, with a decrease in international visitors. Housing sales increased slightly, with housing inventories remaining low in most districts.

Regarding the labor market, employment conditions in most districts were largely flat or increased slightly, but showed a slight deterioration compared to the previous report, with more districts experiencing employment declines. Hiring at consumer-facing businesses was slower than at business-to-business firms. Job cuts were most notable in government-related positions and institutions receiving government funding. Some firms adopted a wait-and-see attitude, pausing or slowing hiring, and there were even sporadic plans for potential layoffs. Overall labor supply improved, but some industries and regions still faced supply constraints due to adjustments in immigration policies. Wage growth was generally modest and had slowed compared to earlier periods.

On prices, all districts reported price increases, with six districts describing price growth as modest and six as moderate, similar to the previous report. Most businesses expected tariffs to lead to higher input costs, with some already receiving price increase notices from suppliers. Firms responded to trade policy uncertainty by adding tariff surcharges or shortening pricing cycles, and planned to pass the additional costs on to consumers. However, some industries faced margin compression pressure due to weak demand.

Economic performance across the Federal Reserve Districts showed significant regional variation. Manufacturing performance was mixed but largely flat or declining in most districts. The energy sector experienced modest growth. Agricultural conditions were generally stable. Community organizations faced service gaps due to cuts in federal subsidies and declining charitable donations. Influenced by factors such as tariffs, the economic outlook deteriorated significantly in several districts, with policy uncertainty becoming a core factor constraining economic growth. Through detailed analysis of the 12 districts, this report comprehensively presents the regional divergence and overall posture of the U.S. economy within a complex policy environment, providing an authoritative basis for understanding the operational logic and future trajectory of the U.S. economy.