Beige Book Sentiment Indices

We use natural language processing methods on the Beige Books to produce US and Federal Reserve District-level economic sentiment indices.
 

The Beige Book provides a description of economic activity in each of the 12 Districts, as prepared by the respective regional Reserve Bank, and a national summary that is prepared by one of the regional Reserve Banks on a rotating basis. We access the Beige Book back to 1970 from the public archive maintained by the Federal Reserve Bank of Minneapolis at Beige Book Archive | Federal Reserve Bank of Minneapolis (minneapolisfed.org).

To learn more about the data and methods see:
Filippou, Ilias, Christian Garciga, James Mitchell, and My T. Nguyen. 2024. “Regional Economic Sentiment: Constructing Quantitative Estimates from the Beige Book and Testing Their Ability to Forecast Recessions.” Federal Reserve Bank of Cleveland, Economic Commentary 2024-08. https://doi.org/10.26509/frbc-ec-202408