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The Federal Reserve’s Beige Book is a summary of current economic conditions in each of the twelve Federal Reserve Districts, published eight times per year.
Released approximately two weeks before each Federal Open Market Committee (FOMC) meeting, the Beige Book provides a regional snapshot of economic activity across the nation. It gathers details from businesses, economists, and other sources within each district, covering areas like labor markets, manufacturing, retail sales, real estate, and banking. The report doesn’t represent a specific policy stance; rather, it’s intended to offer a current, anecdotal view of the economy to inform the FOMC’s deliberations.it’s officially titled the “Summary of Commentary on Current Economic Conditions by Federal Reserve district.”
For example, the January 10, 2026, Beige Book reported that ”economic activity increased slightly overall since the previous report,” with some districts noting modest gains in consumer spending and manufacturing, while others experienced slower growth. (Federal reserve, January 10, 2026)
How is the Beige Book Compiled?
The Beige Book is compiled by the Federal Reserve Board staff, drawing on information collected by the twelve Federal Reserve Banks.
Each of the twelve Federal Reserve Banks gathers information from a variety of sources within their respective districts. These sources include reports from bank directors and officers,results from surveys of businesses,and input from economists and other regional experts. The information is then summarized and sent to the Federal Reserve Board in Washington, D.C. The Board staff synthesizes these regional reports into a single national summary, the Beige Book. The process is designed to provide a timely and comprehensive overview of economic conditions across the country,relying on qualitative data rather than solely quantitative metrics.
According to the Federal Reserve,the Beige Book relies on over 500 contacts across the country,including business contacts,economists,and market participants. (Federal Reserve, Beige Book FAQs)
What Information Does the Beige Book Contain?
The Beige Book covers a wide range of economic indicators, including labor markets, manufacturing, retail sales, real estate, and banking.
Specifically,the report typically includes information on: Labor Markets: Employment levels,job openings,wage growth,and labor force participation.Manufacturing: Production levels, new orders, inventories, and supplier deliveries. Retail sales: Consumer spending patterns,sales trends,and inventory levels. Real Estate: Housing market conditions, home prices, construction activity, and rental rates. Banking: Loan demand, credit conditions, and bank profitability. The Beige Book also often includes commentary on specific industries or sectors that are particularly relevant to the current economic climate. it’s significant to note that the Beige Book focuses on *current* conditions, not forecasts or predictions.
The Beige Book released on April 17, 2024, noted that “labor demand continued to moderate, with contacts in several districts reporting a slowing in hiring and an increase in layoffs.” (Federal Reserve, April 17, 2024)
How Does the FOMC Use the Beige Book?
The Federal Open Market Committee (FOMC) uses the Beige Book as one input in its decision-making process regarding monetary policy.
The FOMC, the policy-making body of the Federal Reserve, meets eight times per year to assess economic conditions and determine the appropriate course of monetary policy. The Beige Book provides the FOMC with a current, on-the-ground perspective of economic activity across the country, complementing other economic data and analyses.While the Beige Book doesn’t dictate policy decisions, it helps the FOMC understand the nuances of the economy and identify potential risks and opportunities.The FOMC members review the Beige Book prior to each meeting and may discuss its findings during their deliberations.
In a speech on February 2, 2023, Federal Reserve Chair Jerome Powell stated that the Beige Book is “an important source of information” for the FOMC, providing “a valuable check on other data.” (Powell, Jerome H., February 2, 2023)
Were Can I Find the Beige Book?
The Federal Reserve publishes the Beige Book on its website approximately two weeks before each FOMC meeting.
The Beige Book is publicly available on the Federal Reserve Board’s website. Each report is archived and accessible online, allowing researchers, economists, and the general public to review past editions. The reports are typically released around 2:00 PM Eastern Time.The website also provides FAQs and other information about the Beige Book and its compilation process. Historical Beige Books are available dating back to 1970.
As of January 20, 2026, the Federal Reserve’s Beige Book page can be found at: https://www.federalreserve.gov/beige
