The Federal Reserve announced changes that will begin in 2017 to its Beige Book publication. The modifications will standardize specific core topics included in each of the 12 Federal Reserve Bank District reports, provide a more consistent presentation of the national summary, and enhance the design of the publication.
Beige Book: Economy expands across most regions
The national summary, along with each District report, will consistently cover three core topics: overall economic activity, employment and wages and prices. Each District report will continue to include other topics or industry-specific reports of particular interest in that District. Additionally, the national summary will include highlights from each District.
The changes to the content and structure are intended to convey the report’s main messages more effectively. According to the agency, the redesign also provides a degree of standardization of the content in the reports from each District, while preserving the ability of each District to highlight its regional economy’s unique features.
The Beige Book characterizes regional economic conditions and prospects across the 12 Federal Reserve Bank Districts based upon a variety of information gathered from businesses and community organizations in each District. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from bank and branch directors, plus phone and in-person interviews with and online questionnaires completed by businesses, community organizations, economists, market experts and other sources. Its qualitative nature creates an opportunity to identify dynamics and emerging trends in the economy that may not be readily apparent in available economic data.
The anecdotal information collected supplements the data and analysis used by Federal Reserve economists and staff to assess economic conditions in the Federal Reserve Districts. This information enables comparison of economic conditions in different parts of the country, which can be helpful for assessing the outlook for the national economy. It also serves as a regular summary of the Federal Reserve System's efforts to listen to businesses and community organizations.
The Beige Book is generally released on the Wednesday two weeks prior to each Federal Open Market Committee meeting. The first Beige Book in the new format will be released Jan. 18, 2017.