The Beige Book is published eight times per year, providing a summary of economic activity based on anecdotal information gathered by each Federal Reserve Bank. According to the latest report published on Apr 18, 2024, business activity has expanded at a modest pace, with prices rising slightly and overall employment remaining flat.
One notable highlight from the report is the first year-over-year increase in residential home sales since 2022. The report states, "Residential home sales increased by moderate margins from a year earlier, the first such increase in over two years."
Employment across various sectors was reported as unchanged overall, with mixed labor market conditions. Retail and tourism sectors saw a moderate upswing in sales, while manufacturing revenues remained flat on balance. Contacts in IT and software services reported stable demand and revenues in recent months.
Regarding prices, there was only a slight overall increase reported. Retailers noted modest input price increases, while hotel room rates in greater Boston remained stable. Manufacturing contacts mostly held prices steady, with some adjusting output prices in response to changing input costs.
In terms of real estate, commercial activity in the First District saw a slight increase since February, with a pickup in construction activity. Residential real estate also showed positive signs, with the first year-over-year increase in home sales in all contacted states.
The overall outlook across sectors ranged from cautiously optimistic to bullish, reflecting the strength of recent results. Despite some challenges and uncertainties, contacts in various industries remain hopeful for continued growth and stability.
For more detailed information on District economic conditions, interested individuals can visit the Boston Fed's website. The Beige Book archives, dating back to 1996, can be accessed on the Board of Governors website. Media inquiries can be directed to the Boston Fed's media relations team for further assistance and resources.
