Most Districts noted that companies expect higher input costs from tariffs, and most plan to pass through additional fees to customers.
Beige Book April 2025:
- 100% reported price increases
- 41% saw economic growth
- 25% reported no economic change
- 34% reported economic declines
- 42% reported an increase in hiring
- 33% reported no changes in hiring
- 25% reported a decrease in hiring
Labor Markets: Employment is trending downward as hiring was slower for consumer-facing firms than business-to-business firms.
Prices: Most Districts noted that companies expect higher input costs from tariffs, and most plan to pass through additional fees to customers.