美联储褐皮书：2025年8月地区经济状况评论摘要

Summary of Commentary onCurrent Economic Conditions byFederal Reserve District August 2025 Contents About This Publication....................................................................................................iiNational Summary...........................................................................................................1Federal Reserve Bank of Boston..................................................................................5Federal Reserve Bank of New York..............................................................................9Federal Reserve Bank of Philadelphia.......................................................................13Federal Reserve Bank of Cleveland............................................................................17Federal Reserve Bank of Richmond...........................................................................21Federal Reserve Bank of Atlanta................................................................................24Federal Reserve Bank of Chicago..............................................................................28Federal Reserve Bank of St. Louis.............................................................................32Federal Reserve Bank of Minneapolis.......................................................................36Federal Reserve Bank of Kansas City........................................................................40Federal Reserve Bank of Dallas..................................................................................44Federal Reserve Bank of San Francisco....................................................................48 About This Publication What is the Beige Book? The Beige Book is a Federal Reserve System publication about current economic conditionsacross the 12 Federal Reserve Districts. It characterizes regional economic conditions and pros-pects based on a variety of mostly qualitative information, gathered directly from each District’ssources. Reports are published eight times per year. What is the purpose of the Beige Book? The Beige Book is intended to characterize the change in economic conditions since the lastreport. Outreach for the Beige Book is one of many ways the Federal Reserve System engageswith businesses and other organizations about economic developments in their communities.Because this information is collected from a wide range of contacts through a variety of formaland informal methods, the Beige Book can complement other forms of regional information gath-ering. The Beige Book is not a commentary on the views of Federal Reserve officials. How is the information collected? Each Federal Reserve Bank gathers information on current economic conditions in its Districtthrough reports from Bank and Branch directors, plus interviews and online questionnaires com-pleted by businesses, community organizations, economists, market experts, and other sources.Contacts are not selected at random; rather, Banks strive to curate a diverse set of sources thatcan provide accurate and objective information about a broad range of economic activities. TheBeige Book serves as a regular summary of this information for the public. How is the information used? The information from contacts supplements the data and analysis used by Federal Reserve econo-mists and staff to assess economic conditions in the Federal Reserve Districts. The qualitativenature of the Beige Book creates an opportunity to characterize dynamics and identify emergingtrends in the economy that may not be readily apparent in the available economic data. This infor- mation enables comparison of economic conditions in different parts of the country, which can behelpful for assessing the outlook for the national economy. The Beige Book does not have the type of information I’m lookingfor. What other information is available? The Federal Reserve System conducts a wide array of recurring surveys of businesses, house-holds, and community organizations. A list of statistical releases compiled by the Federal ReserveBoard is availablehere, links to each of the Federal Reserve Banks are availablehere, and a sum-mary of the System’s community outreach is availablehere. In addition,Fed Listensevents havebeen held around the country to hear about how monetary policy affects peoples’ daily lives andlivelihoods. The System also relies on a variety ofadvisory councils—whose members are drawnfrom a wide array of businesses, non-profit organizations, and community groups—to hear diverseperspectives on the economy in carrying out its responsibilities. National Summary Overall Economic Activity Most of the twelve Federal Reserve Districts reported little or no change in economic activity sincethe prior Beige Book period—the four Districts that differed reported modest growth. AcrossDistricts, contacts reported flat to declining consumer spending because, for many households,wages were failing to keep up with ri