If you are ever curious about what professional economists with access to huge troves of economic data think about the U.S. economy, you can turn to the Beige Book.  The Beige Book is published by the Federal Reserve every couple of months, and summarizes the state of the economy, overall and in each region: Each of the 12 Fed districts provide their own reports, and a ‘National Summary’ sums up the national picture.

You can see the most recent edition (dated June 4th, 2025) can be found on the Federal Reserve’s website, but a quick synopsis of the National Summary might be in order.

The report says that overall economic activity is experiencing a decline since the previous report (published on April 23rd, 2025).  Retail spending varies amongst the 12 regions, most showing flat or slight declines, with an exception for items expected to be affected by tariffs.  Housing demand remains relatively the same.  Other indicators of economic activity such as reports of bank loan demands and spending on capital projects are largely mixed.  Generally, the overall economic outlook is laced with uncertainty.

The report cited that employment has remained relatively unchanged since the last report, particularly citing lower employee turnover and more applicants for open positions (all districts described lower labor demand).  Wages have continued to grow at a moderate pace, as are prices for goods and the cost of living.

This article was written by an independent writer for Brewster Financial Planning LLC and is not intended as individualized legal or investment advice.