The Beige Book word of the day is “tariff”. It was mentioned 37 times and not in a good sense.
The Federal Reserve “Beige Book” is a compilation of economic activity produced by each of the Fed’s 12 districts.
Despite the impressive-sounding name, there is typically not much in it that has not been reported elsewhere, earlier, either in the regional Fed reports from each district (e.g. Empire State Report, Philly Fed Report, Dallas Fed Report, etc.) or FOMC discussion minutes.
The book does provide an overall compilation and synopsis in one place.
Emphasis below is mine.
Overall Economic Activity
Reports from the Federal Reserve Districts suggested that the economy expanded at a moderate pace through the end of August. Dallas reported relatively brisk growth, while Philadelphia, St. Louis, and Kansas City indicated somewhat below average growth.Consumer spending continued to grow at a modest pace since the last report, and tourism activity expanded, to varying degrees, across the nation. Manufacturing activity grew at a moderate rate in most Districts, though St. Louis described business as little changed and Richmond reported a decline in activity. Transportation activity expanded, with a few Districts characterizing growth as robust. Home construction activity was mixed but up modestly, on balance. However, home sales were somewhat softer, on balance—in some cases due to reduced demand, in others due more to low inventories. Commercial real estate construction was also mixed, while both sales and leasing activity expanded modestly. Lending activity grew throughout the nation. Some Districts noted weakness in agricultural conditions. Businesses generally remained optimistic about the near-term outlook, though most Districts noted concern and uncertainty about trade tensions—particularly though not only among manufacturers. A number of Districts noted that such concerns had prompted some businesses to scale back or postpone capital investment.
