Federal Reserve Beige Book: Economy basically flat, trade uncertainty intensifies, dampens outlook

As of April 14, 2025, the Federal Reserve's latest Beige Book shows that overall economic activity in the United States remains largely unchanged, with widespread uncertainty surrounding international trade policies. Out of 12 districts, only 5 reported slight growth, 3 remained stable, and the remaining 4 experienced slight to moderate declines. Employment is generally stable to slightly increasing, with multiple regions reporting companies slowing hiring or preparing for layoffs, and wage growth has decelerated. Prices are generally rising, with six districts reporting "moderate" increases and six districts reporting "modest" increases. Most businesses have received upstream price increase notifications and generally plan to pass these costs on to consumers, though some consumer sectors are experiencing profit compression. Economic prospects have significantly deteriorated in multiple regions, primarily due to uncertainty related to tariffs.