Federal Reserve Banks across the country collect anecdotes from contacts and hone in on concerns for Federal Reserve Beige Book summaries, published eight times each year. Historically, insights about conditions affecting low- and moderate-income communities have come from the perspective of businesses. Several Reserve Banks began including “Community Conditions” and “Community Perspectives” sections in the fall of 2022. These sections provide insight into local changes through direct accounts of nonprofit and community leaders and workforce professionals serving lower-income people. Here are some takeaways from the April 2025 Beige Book, which was prepared at the Federal Reserve Bank of Atlanta and is based on information collected on or before April 14, 2025.

Please note that the Beige Book summarizes comments received from contacts outside the Federal Reserve and is not a commentary on the views of Federal Reserve officials.

“Reductions in federal grants and subsidies have led to gaps in services and financial assistance to community members, with organizations having difficulty obtaining financing to help fill these gaps. Local food banks that rely on federal funding have reported reductions in personnel and programs. Contacts at non-profits and other community-based organizations expressed significant concern about the future of federal funding and services support, creating challenges in staffing, strategy, and planning.”
– New York Fed, Federal Reserve 2^nd District, Community Perspectives

“In a semiannual survey of nonprofit organizations, respondents who assist jobseekers reported a decline in job availability over the past six months. Some respondents indicated that employers were less willing to train individuals and were conducting more interviews before hiring. A majority of respondents said that price increases continued to impact the financial well-being of low- and moderate-income households, leading more households to rely on credit cards to purchase basic necessities. Several contacts expressed concern about their organizations’ funding due to a decline in individual donations and uncertainty regarding federal funding.”
– Cleveland Fed, Federal Reserve 4^th District, Community Conditions

“Community, nonprofit, and other nonbusiness contacts reported a slight decrease in economic activity over the reporting period, and many expressed concerns that changes in federal policies were negatively affecting small businesses and low- and moderate-income communities. State government officials reported little change in activity but increased uncertainty in the economic outlook. Local labor markets were stable overall, though there were reports of layoffs at nonprofit organizations which had been affected by federal funding cuts. Low- and moderate-income consumers continued to face elevated prices, with food pantry leaders noting the particular challenge of sourcing adequate amounts of eggs and chicken, two common sources of protein.”
– Chicago Fed, Federal Reserve 7^th District, Community Conditions

“Food banks and pantries across the Tenth District said they were contending with the combination of rising demand, funding cuts, and substantial uncertainty about funding over the coming year. Most pantries mentioned they expanded services over the last year, but they still struggled to meet demand for food assistance. Funding cuts from the USDA were highlighted as particularly impactful regarding services for seniors. Specifically, one pantry reported cutting back the amount of food they can give from three to five days of shelf stable food to two days of food every 30 days due to funding cuts. Pantries also expressed heightened funding uncertainty across government, corporations, and individuals and uncertainty about food price pressures.”
– Kansas City Fed, Federal Reserve 10^th District, Community Conditions

“Demand for social services remained elevated. Contacts said many private companies were under a hiring freeze, and the jobs posted online were not being filled. Nonprofit organizations, particularly those heavily reliant on federal funding, reported trimming budgets, implementing hiring freezes, laying off workers, and downsizing programming. There was a report of a housing services nonprofit possibly shutting down operations in mid-2025 due to funding disruptions. One contact noted that landlords were less willing to rent apartments to tenants reliant on federal funds due to the current policy climate and funding freezes. Some social service organizations said they have observed a slowdown in applications for new benefits and trepidation among clients seeking services in light of recent immigration policies. Research universities were also facing significant uncertainty due to the funding cuts from the National Institute of Health and National Science Foundation.”
– Dallas Fed, Federal Reserve 11^th District, Community Perspectives

“Community support services providers reported deteriorating conditions. Demand for housing and food assistance services remained high. Organizations providing workforce and economic development services focused on sectors experiencing strong demand including health care, skilled trades, and technical manufacturing. Funding fell from public and private sector sources because of recent changes to federal policy as well as reduced discretionary and philanthropic spending by private businesses. Funding shortfalls led some nonprofits to cut services and program offerings and to lay off workers. Contacts in the Los Angeles region noted that demand for community services and support related to wildfire recovery efforts remained high.”
– San Francisco Fed, Federal Reserve 12^th District, Community Conditions

Visit the April Beige Book report for a full national summary and more information about economic conditions from each Reserve Bank, including labor markets, financial services, real estate, and more.