Produced once a month by the twelve Federal Reserve districts, the beige book is an economic survey covering manufacturing, services, real estate, financial institutions, agriculture, labor markets and wage and price pressures. The beige book is important because the Federal Reserve considers it relevant. When there are rumors of a rate change, the section on wages and prices is closely monitored. Since there is very little hard statistical data included in the report, the book is not helpful as a forecasting tool. It is more helpful in confirming a trend or determining that a different sector of the economy is the Fed's new focus.
Personal income is calculated from the wages and salaries component of non-farm payroll.
It gives an idea of average earnings before tax. The market does not pay it much attention unless it rises sharply and threatens a radical rise in consumer spending. Personal consumption is an indication of the amount Americans spend on goods and services in a given month. The number is pre-preempted by retail sales which tend to give a more thorough view of similar expenditure. Final gross domestic product is an updating of the provisional numbers.