Market Expectations Survey on Economic Conditions

This document is a Market Expectations Survey that outlines the current economic conditions in the United States as reported in the Beige Book. It details that the overall economy was flat during March and early April, with varying growth across different districts. Consumer spending was generally down, with modest job growth and wage increases. Businesses are preparing for higher prices due to tariffs, which are expected to impact consumer costs. The survey indicates that economic uncertainty, particularly regarding tariffs, has worsened the outlook for several districts. Employment levels showed little change, with some districts reporting growth while others noted declines. Inflation rates were described as modest to moderate across districts, with firms anticipating increased input costs. The document concludes that economic growth is expected to slow in 2025 due to these tariff-related uncertainties, although a recession is not anticipated at this time.