For use at 2:00 PM EST
Wednesday
January 12, 2022
Š‡‡‹‰‡''
6XPPDURI&RPPHQWDURQ&XUUHQW(FRQRPLF&RQGLWLRQV %)HGHUDO5HVHUYH'LVWULFW
ƒ-ƒ"›͜͞͞͞
Federal Reserve Districts
0LQQHDSROLV | %RVWRQ | ||
1HZ<> | |||
&KLFDJR | &OHYHODQG | 3KLODGHOSKLD | |
6DQ)UDQFLVFR | |||
.DQVDV&LW | 6W/RXLV | 5LFKPRQG | |
$WODQWD
'DOODV
$ODVNDDQG+DZDLL DUHSDUWRIWKH 6DQ)UDQFLVFR'LVWULFW
7KH6VWHPVHUYHVFRPPRQZHDOWKVDQGWHUULWRULHVDVIROORZVWKH1HZ<>%DQNVHUYHVWKH &RPPRQZHDOWKRI3XHUWR5LFRDQGWKH869LUJLQ,VODQGVWKH6DQ)UDQFLVFR%DQNVHUYHV $PHULFDQ6DPRD*XDPDQGWKH&RPPRQZHDOWKRIWKH1RUWKHUQ0DULDQD,VODQGV
Š‹•"‡''"-™ƒ•'"‡'ƒ"‡†ƒ--Š‡ ‡†‡"ƒŽ‡•‡"˜‡ƒ'ˆƒ•ƒ•‹-›"ƒ•‡†'‹ˆ'"ƒ-‹'…'ŽŽ‡…-‡† ''""‡ˆ'"‡ƒ-ƒ"›͟ǡ2022ǤŠ‹•†'…-‡-•-ƒ"‹œ‡•…'‡-•"‡…‡‹˜‡†ˆ"'…'-ƒ…-•'--•‹†‡ -Š‡ ‡†‡"ƒŽ‡•‡"˜‡›•-‡ƒ†‹•'-ƒ…'‡-ƒ"›'-Š‡˜‹‡™•'ˆ ‡†‡"ƒŽ‡•‡"˜‡'ƥ…‹ƒŽ•Ǥ
1DWLRQDO6XPPDU
%RVWRQ$-)LUVW'LVWULFW
1HZ<>%-6HFRQG'LVWULFW
3KLODGHOSKLD&-7KLUG'LVWULFW
&OHYHODQG'-)RXUWK'LVWULFW
5LFKPRQG(-)LIWK'LVWULFW
$WODQWD)-6L[WK'LVWULFW
&KLFDJR*-6HYHQWK'LVWULFW
6W/RXLV+-(LJKWK'LVWULFW
0LQQHDSROLV,-1LQWK'LVWULFW
.DQVDV&LW--7HQWK'LVWULFW
'DOODV.-(OHYHQWK'LVWULFW
6DQ)UDQFLVFR /-
7ZHOIWK'LVWULFW
What is the Beige Book?
7KH%HLJH%RRNLVD)HGHUDO5HVHUYH6VWHPSXEOLFDWLRQDERXWFXUUHQW HFRQRPLFFRQGLWLRQVDFURVVWKH)HGHUDO5HVHUYH'LVWULFWV,WFKDUDF
WHUL]HVUHJLRQDOHFRQRPLFFRQGLWLRQVDQGSURVSHFWVEDVHGRQDYDULHW RIPRVWOTXDOLWDWLYHLQIRUPDWLRQJDWKHUHGGLUHFWOIURPHDFK'LVWULFW¶V VRXUFHV5HSRUWVDUHSXEOLVKHGHLJKWWLPHVSHUHDU
What is the purpose of the Beige Book?
7KH%HLJH%RRNLVLQWHQGHGWRFKDUDFWHUL]HWKHFKDQJHLQHFRQRPLF FRQGLWLRQVVLQFHWKHODVWUHSRUW2XWUHDFKIRUWKH%HLJH%RRNLVRQHRI PDQZDVWKH)HGHUDO5HVHUYH6VWHPHQJDJHVZLWKEXVLQHVVHVDQG
RWKHURUJDQL]DWLRQVDERXWHFRQRPLFGHYHORSPHQWVLQWKHLUFRPPXQL WLHV%HFDXVHWKLVLQIRUPDWLRQLVFROOHFWHGIURPDZLGHUDQJHRIFRQ WDFWVWKURXJKDYDULHWRIIRUPDODQGLQIRUPDOPHWKRGVWKH%HLJH%RRN
FDQFRPSOHPHQWRWKHUIRUPVRIUHJLRQDOLQIRUPDWLRQJDWKHULQJ7KH %HLJH%RRNLVQRWDFRPPHQWDURQWKHYLHZVRI)HGHUDO5HVHUYH
RIILFLDOV
How is the information collected?
(DFK)HGHUDO5HVHUYH%DQNJDWKHUVLQIRUPDWLRQRQFXUUHQWHFRQRPLF FRQGLWLRQVLQLWV'LVWULFWWKURXJKUHSRUWVIURP%DQNDQG%UDQFKGLUHF
WRUVSOXVLQWHUYLHZVDQGRQOLQHTXHVWLRQQDLUHVFRPSOHWHGEEXVLQHVV HVFRPPXQLWRUJDQL]DWLRQVHFRQRPLVWVPDUNHWH[SHUWVDQGRWKHU VRXUFHV&RQWDFWVDUHQRWVHOHFWHGDWUDQGRPUDWKHU%DQNVVWULYHWR
FXUDWHDGLYHUVHVHWRIVRXUFHVWKDWFDQSURYLGHDFFXUDWHDQGREMHFWLYH LQIRUPDWLRQDERXWDEURDGUDQJHRIHFRQRPLFDFWLYLWLHV7KH%HLJH %RRNVHUYHVDVDUHJXODUVXPPDURIWKLVLQIRUPDWLRQIRUWKHSXEOLF
How is the information used?
7KHLQIRUPDWLRQIURPFRQWDFWVVXSSOHPHQWVWKHGDWDDQGDQDOVLVXVHG E)HGHUDO5HVHUYHHFRQRPLVWVDQGVWDIIWRDVVHVVHFRQRPLFFRQGL WLRQVLQWKH)HGHUDO5HVHUYH'LVWULFWV7KHTXDOLWDWLYHQDWXUHRIWKH %HLJH%RRNFUHDWHVDQRSSRUWXQLWWRFKDUDFWHUL]HGQDPLFVDQGLGHQWL IHPHUJLQJWUHQGVLQWKHHFRQRPWKDWPDQRWEHUHDGLODSSDUHQWLQ
WKHDYDLODEOHHFRQRPLFGDWD7KLVLQIRUPDWLRQHQDEOHVFRPSDULVRQRI HFRQRPLFFRQGLWLRQVLQGLIIHUHQWSDUWVRIWKHFRXQWUZKLFKFDQEH
KHOSIXOIRUDVVHVVLQJWKHRXWORRNIRUWKHQDWLRQDOHFRQRP
The Beige Book does not have the type of information I'm looking for. What other information is available?
7KH)HGHUDO5HVHUYH6VWHPFRQGXFWVDZLGHDUUDRIUHFXUULQJVXU YHVRIEXVLQHVVHVKRXVHKROGVDQGFRPPXQLWRUJDQL]DWLRQV$OLVWRI VWDWLVWLFDOUHOHDVHVFRPSLOHGEWKH)HGHUDO5HVHUYH%RDUGLVDYDLODEOH KHUHOLQNVWRHDFKRIWKH)HGHUDO5HVHUYH%DQNVDUHDYDLODEOHKHUHDQGDVXPPDURIWKH6VWHP¶VFRPPXQLWRXWUHDFKLVDYDLODEOHKHUH ,QDGGLWLRQ)HG/LVWHQVHYHQWVKDYHEHHQKHOGDURXQGWKHFRXQWUWR KHDUDERXWKRZPRQHWDUSROLFDIIHFWVSHRSOHV¶GDLOOLYHVDQGOLYHOL KRRGV7KH6VWHPDOVRUHOLHVRQDYDULHWRIDGYLVRUFRXQFLOV- ZKRVHPHPEHUVDUHGUDZQIURPDZLGHDUUDRIEXVLQHVVHVQRQ-SURILW
RUJDQL]DWLRQVDQGFRPPXQLWJURXSV-WRKHDUGLYHUVHSHUVSHFWLYHVRQ WKHHFRQRPLQFDUULQJRXWLWVUHVSRQVLELOLWLHV
ƒ-‹'ƒŽ-ƒ"›
Š‡‡‹‰‡''Ŷƒ-ƒ"›͜͞͞͞
Overall Economic Activity
(FRQRPLFDFWLYLWDFURVVWKH8QLWHG6WDWHVH[SDQGHGDWDPRGHVWSDFHLQWKHILQDOZHHNVRI&RQWDFWVIURPPDQ
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
EXVLQHVVHVWKDWH[SHFWDWLRQVIRUJURZWKRYHUWKHQH[WVHYHUDOPRQWKVFRROHGVRPHZKDWGXULQJWKHODVWIHZZHHNV7KH PDQXIDFWXULQJVHFWRUFRQWLQXHGWRH[SDQGQDWLRQDOOZLWKVRPHUHJLRQDOGLIIHUHQFHVLQWKHSDFHRIJURZWK2YHUDOO DFWLYLWLQWKHWUDQVSRUWDWLRQVHFWRUH[SDQGHGDWDPRGHUDWHSDFH:KLOHIDUPLQFRPHVZHUHHOHYDWHGWKURXJKRXW
DJULFXOWXUDOFRQGLWLRQVZHUHPDUUHGEGURXJKWFRQGLWLRQVDFURVVVHYHUDO'LVWULFWV
Employment and Wages
(PSORPHQWJUHZPRGHVWOLQUHFHQWZHHNVEXWFRQWDFWVIURPPRVW'LVWULFWVUHSRUWHGWKDWGHPDQGIRUDGGLWLRQDOZRUN HUVUHPDLQVVWURQJ-RERSHQLQJVZHUHXSEXWRYHUDOOSDUROOJURZWKZDVFRQVWUDLQHGESHUVLVWHQWODERUVKRUWDJHV
7LJKWQHVVLQODERUPDUNHWVGURYHUREXVWZDJHJURZWKQDWLRQZLGHZLWKVRPH'LVWULFWVKLJKOLJKWLQJDGGLWLRQDOJURZWKLQ ODERUFRVWVDVVRFLDWHGZLWKQRQ-ZDJHEHQHILWV:KLOHPDQFRQWDFWVQRWHGWKDWZDJHJDLQVDPRQJORZ-VNLOOZRUNHUV ZHUHSDUWLFXODUOVWURQJFRPSHQVDWLRQJURZWKUHPDLQHGZHOODERYHKLVWRULFDODYHUDJHVDFURVVLQGXVWULHVDFURVVZRUN HUGHPRJUDSKLFVDQGDFURVVJHRJUDSKLHV%HVLGHVZDJHJDLQVPDQFRQWDFWVLQGLFDWHGDGMXVWPHQWVWRMREGHPDQGV
-VXFKDVDFFRPPRGDWLQJSDUW-WLPHZRUNRUDGMXVWLQJTXDOLILFDWLRQUHTXLUHPHQWV-WRDWWUDFWPRUHDSSOLFDQWVDQGUHWDLQ H[LVWLQJZRUNIRUFHV
Prices
&RQWDFWVIURPPRVW)HGHUDO5HVHUYH'LVWULFWVUHSRUWHGVROLGJURZWKLQSULFHVFKDUJHGWRFXVWRPHUVEXWVRPHDOVR
QRWHGWKDWSULFHLQFUHDVHVKDGGHFHOHUDWHGDELWIURPWKHUREXVWSDFHH[SHULHQFHGLQUHFHQWPRQWKV:KROHVDOHDQG PDWHULDOVSULFHVFRQWULEXWHGWRSULFLQJSUHVVXUHVDFURVVDZLGHUDQJHRILQGXVWULHVVSDQQLQJVHUYLFHSURYLGHUVDQG JRRGVSURGXFHUV0DQFRQWDFWVDWWULEXWHGWKHKLJKFRVWRILQSXWVWRRQJRLQJVXSSOFKDLQGLVUXSWLRQV6RPH'LVWULFWV
UHSRUWHGWKDWWUDQVSRUWDWLRQERWWOHQHFNVKDGVWDELOL]HGLQUHFHQWZHHNVWKRXJKSURFXUHPHQWFRVWVUHPDLQHGHOHYDWHG 2QJRLQJODERUVKRUWDJHVDQGDVVRFLDWHGZDJHJURZWKDOVRDGGHGFRVWSUHVVXUHVWREXVLQHVVHV
Highlights by Federal Reserve District
Boston
%XVLQHVVDFWLYLWZDVVWHDGRUXSVOLJKWODOWKRXJK SHUIRUPDQFHZDVVRPHZKDWPL[HG(PSORPHQWLQ
FUHDVHGPRGHVWODQGZDJHVDGYDQFHGDWDVWURQJ SDFH,QSXWSULFHVFOLPEHGDWDUDSLGSDFHDQGRXWSXW SULFHVLQFUHDVHGPRGHUDWHO7KHRXWORRNZDVPRVWO
SRVLWLYHEXWXQFHUWDLQWUHPDLQHGHOHYDWHG
New York
7KHUHJLRQDOHFRQRPJUHZDWDVXEGXHGSDFHLQUHFHQW ZHHNVUHVWUDLQHGELQWHQVLILQJVXSSOGLVUXSWLRQV ODERUVKRUWDJHVDQGWKH2PLFURQRXWEUHDN+RZHYHU KROLGDVHDVRQVDOHVZHUHUHSRUWHGWREHIDLUOVROLG (PSORPHQWDQGZDJHVLQFUHDVHGDQGEXVLQHVVHV
QRWHGRQJRLQJZLGHVSUHDGHVFDODWLRQLQERWKLQSXWFRVWV DQGVHOOLQJSULFHV6WLOOFRQWDFWVFRQWLQXHGWRH[SUHVV
RSWLPLVPDERXWWKHQHDU-WHUPEXVLQHVVRXWORRN
1
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Board of Governors of the Federal Reserve System published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 19:15:08 UTC.