Fed’s Beige Book Reports Lower Economic Activity, ‘Slightly Pessimistic’ Outlook

Activity declined in six of 12 assessed Federal Reserve districts, rising in only three.

A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City on April 21, 2025. Angela Weiss/AFP via Getty Images

Economic activity across the United States “declined slightly” in May from April, with the future outlook in negative territory, the Federal Reserve said in its May 2025 Beige Book published on June 4.

The Beige Book, published eight times annually, is a commentary on economic conditions in 12 Federal Reserve districts. In May, “all Districts reported elevated levels of economic and policy uncertainty, which have led to hesitancy and a cautious approach to business and household decisions,” the report said.