Summary of Current Economic Conditions

Compiles anecdotal reports gathered by each Federal Reserve Bank from sources such as business leaders, economists, and market experts

Summary of Current Economic Conditions (Beige Book): Regional U.S. Economic Activity

The Summary of Current Economic Conditions, commonly known as the Beige Book, is a report published by the Federal Reserve System that provides qualitative information on economic activity across the 12 Federal Reserve Districts.

Publisher: Federal Reserve

Detailed Description

The Beige Book is published eight times per year and compiles anecdotal reports gathered by each Federal Reserve Bank from sources such as business leaders, economists, and market experts. The report provides narrative summaries of trends across sectors including manufacturing, real estate, employment, consumer spending, and financial services. Each edition includes a summary of conditions in each District and a national overview prepared by one of the Reserve Banks on a rotating basis. The Beige Book is used to supplement quantitative economic data and supports macroeconomic research, business analysis, and policy discussions.

Key Features

Published eight times annually by the Federal Reserve System
Qualitative insights on regional economic activity by sector and District
Input gathered from Federal Reserve Bank directors, economists, and local business leaders
Covers employment, wages, consumer spending, real estate, manufacturing, and related sectors
Includes regional breakdowns and a national summary of trends
Applicable for macroeconomic research, business planning, and policy analysis

Data Source

Source

The Summary of Commentary on Current Economic Conditions, commonly known as the Beige Book, is a publication by the Federal Reserve System that provides qualitative insights into regional economic conditions across the 12 Federal Reserve Districts. It is released eight times a year, approximately two weeks before each scheduled meeting of the Federal Open Market Committee (FOMC).

1. Data Collection Process

Each Federal Reserve Bank compiles anecdotal information on current economic conditions within its District through various methods:

Interviews and Surveys: Engaging with a diverse set of contacts, including business leaders, economists, market experts, and community organizations.
Reports from Bank and Branch Directors: Gathering insights from directors who are in touch with local economic developments.
Online Questionnaires: Collecting structured responses from businesses and other stakeholders.

These contacts are carefully selected to represent a broad spectrum of industries and sectors, ensuring a comprehensive view of the regional economy.

2. Purpose and Utilization

The Beige Book serves multiple purposes:

Supplementing Quantitative Data: It provides context and nuance to statistical economic indicators, helping to identify emerging trends and regional disparities.
Informing Monetary Policy: FOMC members use the insights from the Beige Book to assess economic conditions and inform policy decisions.
Public Transparency: By making the Beige Book publicly available, the Federal Reserve enhances transparency regarding its assessment of the economy.

3. Structure of the Report

Each edition of the Beige Book includes:

National Summary: An overview of economic conditions across all Districts.
District Reports: Detailed accounts of economic activity within each of the 12 Federal Reserve Districts.

The compilation of these reports provides a mosaic of the U.S. economy, highlighting both common trends and unique regional developments.

Available from: Federal Reserve