Fed’s Beige Book Shows Little or No Growth Across Most of US
September 3, 2025
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5:39Now PlayingFed’s Beige Book Shows Little or No Growth Across Most of US
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as posted by the channelBloomberg's Stuart Paul breaks down the Federal Reserve's 'Beige Book', as the survey of regional business contacts reported “little or no change” in economic activity in recent months.
US economic activity saw “little or no change” across most of the country in recent weeks, the Federal Reserve said in its Beige Book survey of regional business contacts.
“Most of the twelve Federal Reserve districts reported little or no change in economic activity since the prior Beige Book period,” according to the report published Wednesday. “Across districts, contacts reported flat to declining consumer spending because, for many households, wages were failing to keep up with rising prices.”
Every region saw price increases, with 10 of the 12 reporting “moderate or modest” inflation and two seeing “strong input price growth,” the Beige Book said.
“Nearly all districts noted tariff-related price increases, with contacts from many districts reporting that tariffs were especially impactful on the prices of inputs,” according to the report. Business contacts across industries related to insurance, utilities and technology also reported higher prices.
As tariffs make their way through the economy, businesses are raising prices to compensate, at least partially, for increasing costs. Fed officials are trying to balance the risk of inflation against concerns about the state of the job market, after revised data pointed to a sharp slowdown in hiring in recent months.
“Eleven districts described little or no net change in overall employment levels, while one district described a modest decline,” the report said. Half of the districts also reported a reduction in immigrant workers, especially in the construction sectors in New York, Richmond, St. Louis and San Francisco.
The Philadelphia Fed compiled the latest edition of the Beige Book using information gathered on or before Aug. 25. The report includes commentary and anecdotes from business leaders and other contacts in each of the bank’s 12 regional districts. Fed officials will next gather Sept. 16-17 to decide on interest rates.
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