Third District Beige Book
Every six to seven weeks, we produce a fresh Philadelphia Beige Book report — a concise two-page narrative describing current economic conditions in the Third District. Our report focuses on changes since the prior Beige Book period in general economic activity, employment, wages, and prices. Additional insights on key sectors, emerging trends, and changing outlooks are gleaned from in-depth one-on-one conversations with contacts curated to offer wide-ranging perspectives on consumption, production, and distribution among diverse communities throughout the Third District. In cooperation with colleagues in the other 11 Federal Reserve Districts, we contribute to a national summary that helps inform the Federal Open Market Committee of trends that may not yet be observable from conventional statistics or may be limited to certain regions.
Visit the Board of Governors’ Beige Book page for the national summary, reports from all 12 districts, and archives dating to 1996.
Last updated: January 17, 2024, 2:30 PM EST
Third District business activity held steady during the current Beige Book period—after falling for most of 2023. Employment grew slightly, and labor availability improved. Wage and price inflation subsided further, with prices rising at a slight pace as consumers pushed back more on higher prices, especially among lower-income households. Sentiment improved, but firms remained cautious and expectations for economic growth remained subdued. Read the national summary. Read the Philadelphia summary.