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Federal Reserve Beige Book Starts Following Minority and Women-Owned Business Trends. Gabriel Philipp, Siena College.

On July 16th, the Federal Reserve released the summary of economic conditions, also known as the Beige Book. Reviewing economic activity in all twelve Federal Reserve districts, the report covers domestic economic activity for the month of June, 2025. There has been an increase in references to minority, and women-owned businesses within Reserve Bank evaluations of economic activity. 

Minority- and Women-Owned Businesses in the Beige Book: 

In my earlier reviews and evaluations of the Beige book, I found that the Federal Reserve Bank of Minneapolis the only Federal Reserve bank consistently reporting on the performance of minority and women-owned businesses. June of 2025 was no exception, as Minneapolis continued its focus on economic activity in this sector. This month, the Federal Reserve Bank of Cleveland joined in highlighting this sector, briefly noting growing economic uncertainty among minority, women, and veteran-owned businesses, particularly with respect to their ability to keep and secure federal contracts in the future. It is my belief that this contracting access is crucial for their success, especially in an economic climate that often hinders the progress of minority and women-owned enterprises. With this insight being initially a reflection on minority and women-owned businesses, let me note my belief that all businesses will soon be affected in these concerns. 

Implications: 

Mentions of minority and women-owned firms in the Beige Book are still rare and the citations noted above are a recent development. Most Federal Reserve Banks do not specifically mention women and minority business activity in their summary of economic conditions. The Federal Reserve Bank of Minneapolis is the only one that does so on a consistent basis. Even these brief mentions carry significant implications. When a Federal Reserve bank other than Minneapolis highlights these firms, it signals that minority and women owned firms are having an impact on the broader economy and that the Fed is beginning to recognize their importance. We hope and believe this momentum will continue in the coming months, with more Federal Reserve Banks tracking and reporting on the economic condition of minority and women-owned businesses.


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