The Beige Book, published eight times per year, gathers anecdotal information on current economic conditions from various sources across each Federal Reserve District. This summary provides insights by district and sector.
Economic activity was generally flat but varied significantly across sectors. Prices rose modestly, and employment remained steady with slow-to-moderate wage growth. Retail sales softened slightly while hospitality showed stability or modest increases. Manufacturing reported strong revenue growth on average, whereas staffing firms saw only slight gains. Residential home sales declined moderately compared to the previous year despite some seasonal growth. Commercial real estate activity decreased slightly, particularly in industrial leasing, with potential office foreclosures remaining a concern.
Employment remained unchanged overall with wages increasing at a slow-to-moderate pace. Labor demand weakened as job openings fell slightly and layoffs increased marginally. A large clothing retailer laid off 150 workers due to automation in customer service technologies. Headcounts were stable or slightly up among manufacturers, while legal support roles saw reduced demand but convention-industry roles remained robust. Labor supply improved moderately in the medical sector and for retail and restaurant jobs, giving employers more bargaining power than a year ago.
Prices increased modestly on average with mixed input cost movements. Restaurateurs reported minor increases in food inputs but kept menu prices steady, narrowing profit margins further. Hotel room rates increased just under two percent from the previous year, marking the slowest rise in recent years. Manufacturers experienced moderated input price pressures with some costs remaining flat; however, prices for plastics and electronics stayed elevated.
Retail and tourism sales were slightly weaker overall recently but showed mixed results. A clothing retailer reported softer winter and spring sales compared to last year while a discount retailer attributed weaker March and April sales to late-season snowstorms but noted a rebound in recent weeks.
Manufacturing revenues increased at a moderate pace on average despite varied outcomes among companies. A veterinary care product manufacturer posted robust sales growth due to high demand for pet care services but faced labor supply constraints limiting clinic visits.
Staffing firms experienced mixed changes in activity with slight revenue increases overall. Demand for direct hires dropped sharply from last year while temporary hires and conversions saw significant increases.
Commercial real estate activity decreased slightly since April according to industry contacts, with industrial leasing softening overall but declining sharply in Connecticut.
First District home sales showed mixed results considering year-over-year changes in March and April after an increase in February. New Hampshire and Maine saw above-average closed residential sales buoyed by increased inventories while Rhode Island and Vermont experienced declines in single-family sales over the same period.
For more information about District economic conditions visit: www.bostonfed.org/regional-economy.
All Beige Book content going back to 1996 can be found at the Board of Governors website.
The Minneapolis Fed hosts the Beige Book archives by district going back to 1970.
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