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HOT DEVELOPMENT: The FED has released the eagerly awaited Beige Book document! Here are all the details you need to know.
The Central Bank of America published the latest Beige Book report dated April 14, 2025, (FED).
According to the report, while only a limited change has been observed in general economic activities compared to the previous period, the economic outlook has deteriorated significantly in many regions. In particular, ongoing uncertainties regarding international trade policies play an important role in this deterioration.
According to the Beige Book, while only five FED regions recorded economic growth, four regions experienced contraction and no changes in activity were observed in three regions. The report emphasized that uncertainties regarding trade policy posed a significant threat to the economy.
On the employment front, growth remained limited. Hiring has slowed in some sectors, and signs of potential layoffs in public-related areas were noted in the report. It was also stated that wage increases were more moderate compared to the previous period.
While consumer spending has generally declined, a partial increase in sales of vehicles and non-durable goods has been observed due to purchases made before customs duties. In the production sector, however, the situation is more complex; while some regions experienced a contraction, activities remained stable in others.
While the agricultural sector generally remains stable, housing sales saw a slight increase, particularly due to multi-family housing. However, construction activities are still continuing their weak trend.
On the price front, increases continued in most regions. Six regions defined price increases as slight, while six regions described them as moderate. It was observed that firms turned to shorten their pricing strategies due to the increase in input costs. Especially, cost pressures from tariffs are emerging as a new threat.
This report was prepared by the Atlanta Federal Reserve and is based on data collected until April 14, 2025.