Finance and Economics Discussion Series: Accessible versions of figures for 2026-004

Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis from 1970 to 2025

Accessible version of figures

Figure 1: Beige Book History (1970-2023)

Timeline shows the evolution of the Beige Book across three periods: before 1970, between 1970 and 1983, and after 1983. Before 1970: Anecdotal information was presented orally at FOMC meetings. Between 1970-1983: It was known as the Red Book and was a confidential document between 1970 and 1983. The Red Book was prepared for policy makers only and was not intended for the public. After 1983: Became public in 1983. To mark the change, red was dropped, and beige became the new cover color. Beige Book publication is timed for two weeks prior to an FOMC meeting.

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Figure 2: Beige Book Natural Language Processing

Data processing overview of three text analysis methods: FinBERT analysis, topical analysis, and LDA. Under FinBERT: Sentiment scoring, pre-trained NLP model that is trained on financial data. Under Topical Analysis: Lowercase, tokenize, count number of topic related words, count total words, divide topic related words over total words. Under LDA: Lowercase, remove numbers and stop words, tokenize, topic modeling.

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Figure 3: Beige Book Sentiment and U.S. Real GDP Growth
Note: Beige Book sentiment (red line) and U.S. Real GDP growth (black line) from 1970 to the present. Shaded areas represent NBER recessions. Beige Book sentiment tends to be negative in general, reflecting the report's conservative writing style. The correlation between the two series is positive, 0.323.
Sources: U.S. Bureau of Economic Analysis, Real Gross Domestic Product, retrieved from FRED; Beige Book FinBERT from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

number	qtr	RGDPGrowth	recession	finbert_sent_concat
1	1970.25	0.60	1	-0.86
2	1970.50	3.70	1	-0.68
3	1970.75	-4.20	1	-0.72
4	1971	11.30	0	-0.65
5	1971.25	2.20	0	-0.19
6	1971.50	3.30	0	-0.08
7	1971.75	0.90	0	-0.26
8	1972	7.60	0	-0.07
9	1972.25	9.40	0	0.12
10	1972.50	3.80	0	-0.05
11	1972.75	6.90	0	-0.40
12	1973	10.30	0	-0.30
13	1973.25	4.40	0	-0.71
14	1973.50	-2.10	0	-0.71
15	1973.75	3.90	0	-0.89
16	1974	-3.40	1	-0.80
17	1974.25	1	1	-0.91
18	1974.50	-3.70	1	-0.85
19	1974.75	-1.50	1	-0.86
20	1975	-4.80	1	-0.77
21	1975.25	2.90	0	-0.56
22	1975.50	7	0	-0.51
23	1975.75	5.50	0	-0.43
24	1976	9.30	0	-0.31
25	1976.25	3	0	-0.57
26	1976.50	2.20	0	-0.48
27	1976.75	2.90	0	-0.41
28	1977	4.80	0	-0.45
29	1977.25	8	0	-0.08
30	1977.50	7.40	0	-0.69
31	1977.75	0	0	-0.31
32	1978	1.30	0	-0.75
33	1978.25	16.40	0	-0.37
34	1978.50	4.10	0	-0.60
35	1978.75	5.50	0	-0.67
36	1979	0.70	0	-0.60
37	1979.25	0.40	0	-0.72
38	1979.50	3	0	-0.72
39	1979.75	1	0	-0.83
40	1980	1.30	0	-0.75
41	1980.25	-8	1	-0.94
42	1980.50	-0.50	1	-0.76
43	1980.75	7.70	0	-0.84
44	1981	8.10	0	-0.67
45	1981.25	-2.90	0	-0.70
46	1981.50	4.90	0	-0.81
47	1981.75	-4.30	1	-0.93
48	1982	-6.10	1	-0.86
49	1982.25	1.80	1	-0.85
50	1982.50	-1.50	1	-0.81
51	1982.75	0.20	1	-0.72
52	1983	5.40	0	-0.32
53	1983.25	9.40	0	-0.17
54	1983.50	8.20	0	-0.52
55	1983.75	8.60	0	-0.20
56	1984	8.10	0	-0.05
57	1984.25	7.10	0	-0.64
58	1984.50	3.90	0	-0.66
59	1984.75	3.30	0	-0.71
60	1985	3.90	0	-0.60
61	1985.25	3.60	0	-0.82
62	1985.50	6.30	0	-0.74
63	1985.75	3	0	-0.81
64	1986	3.80	0	-0.45
65	1986.25	1.80	0	-0.81
66	1986.50	3.90	0	-0.58
67	1986.75	2.20	0	-0.35
68	1987	3	0	-0.39
69	1987.25	4.40	0	-0.65
70	1987.50	3.50	0	-0.55
71	1987.75	7	0	-0.70
72	1988	2.10	0	-0.35
73	1988.25	5.40	0	-0.52
74	1988.50	2.40	0	-0.61
75	1988.75	5.40	0	-0.52
76	1989	4.10	0	-0.30
77	1989.25	3.10	0	-0.76
78	1989.50	3	0	-0.75
79	1989.75	0.80	0	-0.82
80	1990	4.40	0	-0.84
81	1990.25	1.50	0	-0.83
82	1990.50	0.30	0	-0.79
83	1990.75	-3.60	1	-0.81
84	1991	-1.90	1	-0.92
85	1991.25	3.20	0	-0.66
86	1991.50	2	0	-0.76
87	1991.75	1.40	0	-0.88
88	1992	4.90	0	-0.34
89	1992.25	4.40	0	-0.31
90	1992.50	4	0	-0.50
91	1992.75	4.20	0	-0.33
92	1993	0.70	0	-0.46
93	1993.25	2.30	0	-0.52
94	1993.50	1.90	0	-0.44
95	1993.75	5.60	0	-0.11
96	1994	3.90	0	-0.50
97	1994.25	5.50	0	-0.56
98	1994.50	2.40	0	-0.44
99	1994.75	4.70	0	-0.47
100	1995	1.40	0	-0.59
101	1995.25	1.20	0	-0.81
102	1995.50	3.50	0	-0.60
103	1995.75	2.70	0	-0.49
104	1996	3	0	-0.41
105	1996.25	6.80	0	-0.35
106	1996.50	3.60	0	-0.47
107	1996.75	4.20	0	-0.45
108	1997	2.60	0	-0.33
109	1997.25	6.80	0	-0.38
110	1997.50	5.10	0	-0.24
111	1997.75	3.50	0	-0.49
112	1998	4.10	0	-0.40
113	1998.25	3.80	0	-0.27
114	1998.50	5.10	0	-0.82
115	1998.75	6.60	0	-0.73
116	1999	3.80	0	-0.49
117	1999.25	3.40	0	-0.34
118	1999.50	5.40	0	-0.43
119	1999.75	6.70	0	-0.53
120	2000	1.50	0	-0.48
121	2000.25	7.50	0	-0.64
122	2000.50	0.40	0	-0.72
123	2000.75	2.40	0	-0.84
124	2001	-1.30	0	-0.85
125	2001.25	2.50	1	-0.90
126	2001.50	-1.60	1	-0.88
127	2001.75	1.10	1	-0.91
128	2002	3.40	0	-0.73
129	2002.25	2.50	0	-0.57
130	2002.50	1.60	0	-0.75
131	2002.75	0.50	0	-0.83
132	2003	2.10	0	-0.85
133	2003.25	3.60	0	-0.71
134	2003.50	6.80	0	-0.38
135	2003.75	4.70	0	-0.16
136	2004	2.30	0	-0.15
137	2004.25	3.10	0	0.29
138	2004.50	3.80	0	-0.33
139	2004.75	4.10	0	-0.30
140	2005	4.50	0	-0.37
141	2005.25	2	0	-0.27
142	2005.50	3.20	0	-0.18
143	2005.75	2.20	0	-0.21
144	2006	5.50	0	-0.46
145	2006.25	1	0	-0.60
146	2006.50	0.60	0	-0.64
147	2006.75	3.50	0	-0.65
148	2007	1.20	0	-0.67
149	2007.25	2.50	0	-0.45
150	2007.50	2.30	0	-0.72
151	2007.75	2.50	0	-0.77
152	2008	-1.70	1	-0.89
153	2008.25	2.40	1	-0.88
154	2008.50	-2.10	1	-0.86
155	2008.75	-8.50	1	-0.95
156	2009	-4.50	1	-0.95
157	2009.25	-0.70	1	-0.93
158	2009.50	1.40	0	-0.77
159	2009.75	4.40	0	-0.67
160	2010	1.90	0	-0.60
161	2010.25	3.90	0	-0.15
162	2010.50	3.10	0	-0.69
163	2010.75	2.10	0	-0.20
164	2011	-0.90	0	-0.13
165	2011.25	2.70	0	-0.34
166	2011.50	-0.10	0	-0.83
167	2011.75	4.60	0	-0.58
168	2012	3.40	0	-0.05
169	2012.25	1.80	0	-0.13
170	2012.50	0.60	0	-0.37
171	2012.75	0.50	0	-0.61
172	2013	4	0	-0.25
173	2013.25	1.10	0	-0.33
174	2013.50	3.50	0	-0.27
175	2013.75	3.50	0	-0.45
176	2014	-1.40	0	-0.55
177	2014.25	5.30	0	-0.11
178	2014.50	5	0	-0.05
179	2014.75	2	0	-0.13
180	2015	3.60	0	-0.44
181	2015.25	2.50	0	-0.40
182	2015.50	1.60	0	-0.42
183	2015.75	0.70	0	-0.47
184	2016	2.30	0	-0.65
185	2016.25	1.30	0	-0.34
186	2016.50	2.90	0	-0.59
187	2016.75	2.20	0	-0.38
188	2017	2	0	-0.16
189	2017.25	2.30	0	-0.11
190	2017.50	3.20	0	-0.43
191	2017.75	4.60	0	-0.33
192	2018	3.30	0	-0.28
193	2018.25	2.10	0	-0.10
194	2018.50	2.50	0	0.00
195	2018.75	0.60	0	-0.33
196	2019	2.50	0	-0.57
197	2019.25	3.40	0	-0.47
198	2019.50	4.80	0	-0.61
199	2019.75	2.80	0	-0.55
200	2020	-5.20	1	-0.49
201	2020.25	-28	1	-0.95
202	2020.50	34.90	0	-0.75
203	2020.75	4.60	0	-0.62
204	2021	5.70	0	-0.45
205	2021.25	7	0	0.05
206	2021.50	3.30	0	-0.56
207	2021.75	7	0	-0.10
208	2022	-1	0	-0.41
209	2022.25	0.60	0	-0.61
210	2022.50	2.90	0	-0.79
211	2022.75	2.80	0	-0.89
212	2023	2.90	0	-0.72
213	2023.25	2.50	0	-0.76
214	2023.50	4.70	0	-0.72
215	2023.75	3.40	0	-0.83
216	2024	0.80	0	-0.61
217	2024.25	3.60	0	-0.66
218	2024.50	3.30	0	-0.84
219	2024.75	1.90	0	-0.59
220	2025	-0.60	0	-0.74
221	2025.25	3.80	0	-0.84

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Figure 4: Recession Probability Forecasting with 95% CI
Note: Forecasted recession probability by Beige Book FinBERT sentiment with 95% confidence interval. The probability of economic recession is low when Beige Book sentiment is over -0.7 and increases significantly when the sentiment is lower than 0.7.
Sources: Federal Reserve Bank of St. Louis, NBER based Recession Indicators for the United States from the Period following the Peak through the Trough, retrieved from FRED; Beige Book FinBERT from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

lag_finbert_sent_concat	recession_forecast_prob	lower_95_ci	upper_95_ci
-0.95	0.64	0.41	0.82
-0.94	0.60	0.38	0.78
-0.92	0.56	0.36	0.74
-0.91	0.51	0.33	0.69
-0.89	0.47	0.30	0.64
-0.88	0.43	0.28	0.59
-0.86	0.38	0.25	0.54
-0.84	0.34	0.23	0.48
-0.83	0.31	0.20	0.44
-0.81	0.27	0.18	0.39
-0.80	0.24	0.15	0.35
-0.78	0.21	0.13	0.31
-0.76	0.18	0.11	0.28
-0.75	0.16	0.09	0.25
-0.73	0.14	0.08	0.23
-0.72	0.12	0.06	0.21
-0.70	0.10	0.05	0.19
-0.69	0.09	0.04	0.17
-0.67	0.07	0.03	0.15
-0.65	0.06	0.03	0.14
-0.64	0.05	0.02	0.13
-0.62	0.04	0.02	0.12
-0.61	0.04	0.01	0.11
-0.59	0.03	0.01	0.10
-0.58	0.03	0.01	0.09
-0.56	0.02	0.01	0.08
-0.54	0.02	0.00	0.07
-0.53	0.02	0.00	0.07
-0.51	0.01	0.00	0.06
-0.50	0.01	0.00	0.06
-0.48	0.01	0.00	0.05
-0.46	0.01	0.00	0.05
-0.45	0.01	0.00	0.04
-0.43	0.01	0.00	0.04
-0.42	0.00	0.00	0.03
-0.40	0.00	0.00	0.03
-0.39	0.00	0.00	0.03
-0.37	0.00	0.00	0.03
-0.35	0.00	0.00	0.02
-0.34	0.00	0.00	0.02
-0.32	0.00	0.00	0.02
-0.31	0.00	0.00	0.02
-0.29	0.00	0.00	0.02
-0.27	0.00	0.00	0.01
-0.26	0.00	0.00	0.01
-0.24	0.00	0.00	0.01
-0.23	0.00	0.00	0.01
-0.21	0.00	0.00	0.01
-0.20	0.00	0.00	0.01
-0.18	0.00	0.00	0.01
-0.16	0.00	0.00	0.01
-0.15	0.00	0.00	0.01
-0.13	0.00	0.00	0.01
-0.12	0.00	0.00	0.01
-0.10	0.00	0.00	0.01
-0.09	0.00	0.00	0.00
-0.07	0.00	0.00	0.00
-0.05	0.00	0.00	0.00
-0.04	0.00	0.00	0.00
-0.02	0.00	0.00	0.00
-0.01	0.00	0.00	0.00
0.01	0.00	0.00	0.00
0.03	0.00	0.00	0.00
0.04	0.00	0.00	0.00
0.06	0.00	0.00	0.00
0.07	0.00	0.00	0.00
0.09	0.00	0.00	0.00
0.10	0.00	0.00	0.00
0.12	0.00	0.00	0.00
0.14	0.00	0.00	0.00
0.15	0.00	0.00	0.00
0.17	0.00	0.00	0.00
0.18	0.00	0.00	0.00
0.20	0.00	0.00	0.00
0.22	0.00	0.00	0.00
0.23	0.00	0.00	0.00
0.25	0.00	0.00	0.00
0.26	0.00	0.00	0.00
0.28	0.00	0.00	0.00
0.29	0.00	0.00	0.00

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Figure 5: Out-of-Sample Recession Nowcast
Note: Actual v.s. nowcasted recession probability based on Beige Book FinBERT sentiment. Out-of-sample period begins 2020:Q1. Shaded areas represent NBER recessions. Results display strong out-of-sample forecasting performance.
Sources: Predicted nowcast recession probability values from model in Table 4, Column 6; Federal Reserve Bank of St. Louis, NBER based Recession Indicators for the United States from the Period following the Peak through the Trough, retrieved from FRED; Beige Book FinBERT from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

date_q	recession	recession_nowcast_pred
1980-04-01	1	1.00
1980-07-01	1	0.96
1980-10-01	0	0.60
1981-01-01	0	0.00
1981-04-01	0	0.00
1981-07-01	0	0.48
1981-10-01	1	0.61
1982-01-01	1	0.99
1982-04-01	1	1.00
1982-07-01	1	0.27
1982-10-01	1	0.10
1983-01-01	0	0.00
1983-04-01	0	0.00
1983-07-01	0	0.00
1983-10-01	0	0.00
1984-01-01	0	0.00
1984-04-01	0	0.00
1984-07-01	0	0.00
1984-10-01	0	0.00
1985-01-01	0	0.00
1985-04-01	0	0.00
1985-07-01	0	0.01
1985-10-01	0	0.00
1986-01-01	0	0.00
1986-04-01	0	0.01
1986-07-01	0	0.00
1986-10-01	0	0.00
1987-01-01	0	0.00
1987-04-01	0	0.00
1987-07-01	0	0.00
1987-10-01	0	0.00
1988-01-01	0	0.00
1988-04-01	0	0.00
1988-07-01	0	0.00
1988-10-01	0	0.00
1989-01-01	0	0.00
1989-04-01	0	0.00
1989-07-01	0	0.00
1989-10-01	0	0.02
1990-01-01	0	0.09
1990-04-01	0	0.01
1990-07-01	0	0.34
1990-10-01	1	0.58
1991-01-01	1	1.00
1991-04-01	0	0.01
1991-07-01	0	0.01
1991-10-01	0	0.42
1992-01-01	0	0.00
1992-04-01	0	0.00
1992-07-01	0	0.00
1992-10-01	0	0.00
1993-01-01	0	0.00
1993-04-01	0	0.00
1993-07-01	0	0.00
1993-10-01	0	0.00
1994-01-01	0	0.00
1994-04-01	0	0.00
1994-07-01	0	0.00
1994-10-01	0	0.00
1995-01-01	0	0.00
1995-04-01	0	0.05
1995-07-01	0	0.00
1995-10-01	0	0.00
1996-01-01	0	0.00
1996-04-01	0	0.00
1996-07-01	0	0.00
1996-10-01	0	0.00
1997-01-01	0	0.00
1997-04-01	0	0.00
1997-07-01	0	0.00
1997-10-01	0	0.00
1998-01-01	0	0.00
1998-04-01	0	0.00
1998-07-01	0	0.06
1998-10-01	0	0.00
1999-01-01	0	0.00
1999-04-01	0	0.00
1999-07-01	0	0.00
1999-10-01	0	0.00
2000-01-01	0	0.00
2000-04-01	0	0.00
2000-07-01	0	0.00
2000-10-01	0	0.02
2001-01-01	0	0.05
2001-04-01	1	0.45
2001-07-01	1	0.56
2001-10-01	1	0.96
2002-01-01	0	0.01
2002-04-01	0	0.00
2002-07-01	0	0.02
2002-10-01	0	0.10
2003-01-01	0	0.65
2003-04-01	0	0.00
2003-07-01	0	0.00
2003-10-01	0	0.00
2004-01-01	0	0.00
2004-04-01	0	0.00
2004-07-01	0	0.00
2004-10-01	0	0.00
2005-01-01	0	0.00
2005-04-01	0	0.00
2005-07-01	0	0.00
2005-10-01	0	0.00
2006-01-01	0	0.00
2006-04-01	0	0.00
2006-07-01	0	0.00
2006-10-01	0	0.00
2007-01-01	0	0.00
2007-04-01	0	0.00
2007-07-01	0	0.02
2007-10-01	0	0.03
2008-01-01	1	0.88
2008-04-01	1	0.98
2008-07-01	1	0.92
2008-10-01	1	1.00
2009-01-01	1	1.00
2009-04-01	1	1.00
2009-07-01	0	0.19
2009-10-01	0	0.00
2010-01-01	0	0.00
2010-04-01	0	0.00
2010-07-01	0	0.00
2010-10-01	0	0.00
2011-01-01	0	0.00
2011-04-01	0	0.00
2011-07-01	0	0.55
2011-10-01	0	0.00
2012-01-01	0	0.00
2012-04-01	0	0.00
2012-07-01	0	0.00
2012-10-01	0	0.00
2013-01-01	0	0.00
2013-04-01	0	0.00
2013-07-01	0	0.00
2013-10-01	0	0.00
2014-01-01	0	0.00
2014-04-01	0	0.00
2014-07-01	0	0.00
2014-10-01	0	0.00
2015-01-01	0	0.00
2015-04-01	0	0.00
2015-07-01	0	0.00
2015-10-01	0	0.00
2016-01-01	0	0.00
2016-04-01	0	0.00
2016-07-01	0	0.00
2016-10-01	0	0.00
2017-01-01	0	0.00
2017-04-01	0	0.00
2017-07-01	0	0.00
2017-10-01	0	0.00
2018-01-01	0	0.00
2018-04-01	0	0.00
2018-07-01	0	0.00
2018-10-01	0	0.00
2019-01-01	0	0.00
2019-04-01	0	0.00
2019-07-01	0	0.00
2019-10-01	0	0.00
2020-01-01	1	0.00
2020-04-01	1	1.00
2020-07-01	0	1.00
2020-10-01	0	0.00
2021-01-01	0	0.00
2021-04-01	0	0.00
2021-07-01	0	0.00
2021-10-01	0	0.00
2022-01-01	0	0.00
2022-04-01	0	0.00
2022-07-01	0	0.10
2022-10-01	0	0.43
2023-01-01	0	0.01
2023-04-01	0	0.13
2023-07-01	0	0.00
2023-10-01	0	0.00
2024-01-01	0	0.00
2024-04-01	0	0.00
2024-07-01	0	0.01
2024-10-01	0	0.00
2025-01-01	0	0.01
2025-04-01	0	0.42

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Figure 6: Beige Book FinBERT Sentiment and Regional GDP Growth by Year
Note: Scatter plots showing Beige Book FinBERT sentiment and average GDP change by year (2002-2023). Data points represent observations for each Reserve Bank. Each panel displays a best fit line. Results show a generally positive relationship between Beige Book FinBERT sentiment and average GDP growth, except for 2004, 2009, 2020, 2021, and 2023.
Sources: U.S. Bureau of Economic Analysis, Gross Domestic Product: All Industries by County, retrieved from FRED; Beige Book FinBERT from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

This figure contains 22 scatter plot panels, one for each year from 2002 to 2023. Each panel displays: X-axis: FinBERT Sentiment (annual average), ranging from approximately -0.95 to 0.4. Y-axis: Mean GDP (percent change), ranging from approximately -4% to 7%. Data points: Black dots representing individual observations by Reserve Bank. Trend line: Blue linear regression line showing the relationship between sentiment and GDP growth. Results show a generally positive relationship between Beige Book FinBERT sentiment and average GDP growth, except for 2004, 2009, 2020, 2021, and 2023.

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Figure 7: Beige Book FinBERT Sentiment and Regional GDP Growth by Federal Reserve District
Note: Historical relationship between Reserve Bank-level GDP growth and the Beige Book FinBERT sentiment for each of the 12 Reserve Banks. Results generally a positive relationship between Beige Book FinBERT sentiment and GDP growth.
Sources: U.S. Bureau of Economic Analysis, Gross Domestic Product: All Industries by County, retrieved from FRED; Beige Book FinBERT from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

This figure contains 12 scatter plot panels, one for each Federal Reserve Bank district city. Each panel displays: X-axis: FinBERT Sentiment (annual average), ranging from approximately -1.0 to 0.3. Y-axis: Mean GDP (percent change), ranging from approximately -4% to 8%. Data points: Black dots representing individual observations by year. Trend line: Blue linear regression line showing the relationship between sentiment and GDP growth. Results generally a positive relationship between Beige Book FinBERT sentiment and GDP growth.

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Figure 8: Reserve Bank Nowcast GDP Growth in 2025
Note: Reserve Bank-level Beige Book nowcast of Bank-level GDP growth in 2025. Nowcast predictions based on Specification (2) of the Federal Reserve Bank-level panel regressions in Table 6 (with Bank FE and without Year FE). Lighter shading indicates larger predicted GDP growth. Results show that the Federal Reserve Banks of Minneapolis, Dallas, Richmond, Philadelphia, and New York appear to have the weakest economic activity.
Sources: Predicted nowcast GDP growth from model in Table 6, Column 2; Beige Book FinBERT from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

year	gdp_nowcast_pred	bank
2025	1.30	Atlanta
2025	1.89	Boston
2025	1.55	Chicago
2025	1.45	Cleveland
2025	1.17	Dallas
2025	1.52	Kansas City
2025	1.21	Minneapolis
2025	1.18	New York
2025	1.22	Philadelphia
2025	1.21	Richmond
2025	1.40	San Francisco
2025	1.34	St Louis

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Figure 9: Topics: Supply Chain Hits vs GSCPI
Note: Beige Book Supply Chain Hits (based on supply chain-related terms as a percent of total words) and Global Supply Chain Pressure Index (GSCPI). Supply chain-related terms include: "supply chain" OR "supply-chain" OR "supply disruption".
Sources:Federal Reserve Bank of New York, Global Supply Chain Pressure Index, https://www.newyorkfed.org/research/policy/gscpi; Beige Book text from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

pub_date	supplyHitPct	SCIndex
1970-05-01	0
1970-06-01	0
1970-07-01	0
1970-08-01	0
1970-09-01	0
1970-10-01	0
1970-11-01	0
1970-12-01	0
1971-01-01	0
1971-02-01	0
1971-03-01	0
1971-04-01	0
1971-05-01	0
1971-06-01	0
1971-07-01	0
1971-08-01	0
1971-09-01	0
1971-10-01	0
1971-11-01	0
1971-12-01	0
1972-02-01	0
1972-03-01	0
1972-04-01	0
1972-05-01	0
1972-06-01	0
1972-07-01	0
1972-08-01	0
1972-09-01	0
1972-10-01	0
1972-11-01	0
1972-12-01	0
1973-01-01	0
1973-02-01	0
1973-03-01	0
1973-04-01	0
1973-05-01	0
1973-06-01	0
1973-07-01	0
1973-08-01	0
1973-09-01	0
1973-10-01	0
1973-11-01	0
1973-12-01	0
1974-01-01	0
1974-02-01	0
1974-03-01	0
1974-04-01	0
1974-05-01	0
1974-06-01	0
1974-07-01	0
1974-08-01	0
1974-09-01	0
1974-10-01	0
1974-11-01	0
1974-12-01	0
1975-01-01	0
1975-02-01	0
1975-03-01	0
1975-04-01	0
1975-05-01	0
1975-06-01	0
1975-07-01	0
1975-08-01	0
1975-09-01	0
1975-10-01	0
1975-11-01	0
1975-12-01	0
1976-01-01	0
1976-02-01	0
1976-03-01	0
1976-04-01	0
1976-05-01	0
1976-06-01	0
1976-07-01	0
1976-08-01	0
1976-09-01	0
1976-10-01	0
1976-11-01	0
1976-12-01	0
1977-01-01	0
1977-02-01	0.01
1977-03-01	0
1977-04-01	0
1977-05-01	0
1977-06-01	0
1977-07-01	0
1977-08-01	0
1977-09-01	0
1977-10-01	0
1977-11-01	0
1977-12-01	0
1978-01-01	0
1978-02-01	0
1978-03-01	0.01
1978-04-01	0
1978-05-01	0
1978-06-01	0
1978-07-01	0
1978-08-01	0
1978-09-01	0
1978-10-01	0
1978-11-01	0
1978-12-01	0
1979-01-01	0
1979-03-01	0
1979-04-01	0
1979-05-01	0
1979-07-01	0
1979-08-01	0
1979-09-01	0
1979-10-01	0
1979-11-01	0
1980-01-01	0
1980-03-01	0
1980-04-01	0
1980-05-01	0
1980-07-01	0
1980-08-01	0
1980-09-01	0
1980-10-01	0
1980-11-01	0
1980-12-01	0
1981-01-01	0
1981-03-01	0
1981-05-01	0
1981-06-01	0
1981-08-01	0
1981-09-01	0
1981-11-01	0
1981-12-01	0
1982-01-01	0
1982-03-01	0
1982-05-01	0
1982-06-01	0
1982-08-01	0
1982-09-01	0
1982-11-01	0
1982-12-01	0
1983-02-01	0
1983-03-01	0
1983-05-01	0
1983-07-01	0
1983-08-01	0
1983-09-01	0
1983-11-01	0
1983-12-01	0
1984-01-01	0
1984-03-01	0
1984-05-01	0
1984-06-01	0
1984-08-01	0
1984-09-01	0
1984-10-01	0
1984-12-01	0
1985-01-01	0
1985-03-01	0
1985-05-01	0
1985-06-01	0
1985-08-01	0
1985-09-01	0
1985-10-01	0
1985-12-01	0
1986-01-01	0
1986-03-01	0
1986-05-01	0
1986-06-01	0
1986-08-01	0
1986-09-01	0
1986-10-01	0
1986-12-01	0
1987-01-01	0
1987-03-01	0
1987-05-01	0
1987-06-01	0
1987-08-01	0
1987-09-01	0
1987-10-01	0
1987-12-01	0
1988-01-01	0
1988-03-01	0
1988-05-01	0
1988-06-01	0
1988-08-01	0
1988-09-01	0
1988-10-01	0
1988-11-01	0
1989-01-01	0
1989-03-01	0
1989-05-01	0
1989-06-01	0
1989-08-01	0
1989-09-01	0
1989-11-01	0
1989-12-01	0
1990-01-01	0
1990-03-01	0
1990-05-01	0
1990-06-01	0
1990-08-01	0
1990-09-01	0
1990-10-01	0
1990-12-01	0
1991-01-01	0
1991-03-01	0
1991-05-01	0
1991-06-01	0
1991-08-01	0
1991-09-01	0
1991-10-01	0
1991-12-01	0
1992-01-01	0
1992-03-01	0
1992-05-01	0
1992-06-01	0
1992-08-01	0
1992-09-01	0
1992-11-01	0
1992-12-01	0
1993-01-01	0
1993-03-01	0
1993-05-01	0
1993-06-01	0
1993-08-01	0
1993-09-01	0
1993-11-01	0
1993-12-01	0
1994-01-01	0
1994-03-01	0
1994-05-01	0
1994-06-01	0
1994-08-01	0.01
1994-09-01	0
1994-11-01	0
1994-12-01	0
1995-01-01	0
1995-03-01	0
1995-05-01	0
1995-06-01	0
1995-08-01	0
1995-09-01	0
1995-11-01	0
1995-12-01	0
1996-01-01	0
1996-03-01	0
1996-05-01	0
1996-06-01	0
1996-08-01	0
1996-09-01	0
1996-10-01	0
1996-12-01	0
1997-01-01	0
1997-03-01	0
1997-05-01	0
1997-06-01	0
1997-08-01	0
1997-09-01	0
1997-10-01	0
1997-12-01	0
1998-01-01	0
1998-01-31		-1.08
1998-02-28		-0.44
1998-03-01	0
1998-03-31		-0.06
1998-04-30		-0.12
1998-05-01	0
1998-05-31		-0.43
1998-06-01	0
1998-06-30		-0.74
1998-07-31		-0.92
1998-08-01	0
1998-08-31		-0.89
1998-09-01	0
1998-09-30		-0.90
1998-10-31		-0.68
1998-11-01	0
1998-11-30		-0.85
1998-12-01	0
1998-12-31		-0.61
1999-01-01	0
1999-01-31		-0.27
1999-02-28		0.01
1999-03-01	0
1999-03-31		-0.26
1999-04-30		-0.21
1999-05-01	0
1999-05-31		-0.35
1999-06-01	0
1999-06-30		-0.36
1999-07-31		-0.61
1999-08-01	0
1999-08-31		-0.44
1999-09-01	0
1999-09-30		-0.38
1999-10-31		-0.12
1999-11-01	0.02
1999-11-30		-0.16
1999-12-01	0.01
1999-12-31		-0.20
2000-01-01	0.01
2000-01-31		-0.60
2000-02-29		-0.41
2000-03-01	0.01
2000-03-31		-0.28
2000-04-30		0.13
2000-05-01	0
2000-05-31		0.28
2000-06-01	0
2000-06-30		0.05
2000-07-31		-0.01
2000-08-01	0
2000-08-31		0.09
2000-09-01	0
2000-09-30		0.05
2000-10-31		-0.51
2000-11-01	0
2000-11-30		-0.72
2000-12-01	0
2000-12-31		-0.91
2001-01-01	0
2001-01-31		-0.90
2001-02-28		-0.76
2001-03-01	0
2001-03-31		-0.57
2001-04-30		-0.98
2001-05-01	0.02
2001-05-31		-1.10
2001-06-01	0
2001-06-30		-0.68
2001-07-31		-0.81
2001-08-01	0
2001-08-31		-0.76
2001-09-01	0.01
2001-09-30		-0.66
2001-10-01	0.02
2001-10-31		-1.19
2001-11-01	0
2001-11-30		-1.41
2001-12-31		-1.14
2002-01-01	0
2002-01-31		-0.89
2002-02-28		-0.45
2002-03-01	0
2002-03-31		-0.42
2002-04-01	0.01
2002-04-30		-0.57
2002-05-31		-0.29
2002-06-01	0
2002-06-30		-0.61
2002-07-01	0
2002-07-31		-0.94
2002-08-31		-1.07
2002-09-01	0
2002-09-30		-1.12
2002-10-01	0.01
2002-10-31		-1.22
2002-11-01	0
2002-11-30		-0.74
2002-12-31		-0.67
2003-01-01	0
2003-01-31		-0.61
2003-02-28		-0.30
2003-03-01	0
2003-03-31		-0.31
2003-04-01	0.01
2003-04-30		-0.55
2003-05-31		-0.20
2003-06-01	0.01
2003-06-30		-0.10
2003-07-01	0
2003-07-31		0.01
2003-08-31		-0.05
2003-09-01	0.01
2003-09-30		0.07
2003-10-01	0
2003-10-31		-0.26
2003-11-01	0
2003-11-30		-0.40
2003-12-31		-0.36
2004-01-01	0
2004-01-31		-0.49
2004-02-29		-0.37
2004-03-01	0
2004-03-31		0.00
2004-04-01	0.01
2004-04-30		0.41
2004-05-31		0.37
2004-06-01	0
2004-06-30		0.42
2004-07-01	0.01
2004-07-31		-0.44
2004-08-31		0.08
2004-09-01	0.01
2004-09-30		-0.01
2004-10-01	0.01
2004-10-31		-0.60
2004-11-30		-0.05
2004-12-01	0
2004-12-31		0.11
2005-01-01	0
2005-01-31		-0.11
2005-02-28		-0.12
2005-03-01	0
2005-03-31		-0.27
2005-04-01	0.01
2005-04-30		-1.31
2005-05-31		-0.98
2005-06-01	0.01
2005-06-30		-0.93
2005-07-01	0
2005-07-31		-0.87
2005-08-31		-0.49
2005-09-01	0.01
2005-09-30		0.08
2005-10-01	0.01
2005-10-31		-0.07
2005-11-01	0.01
2005-11-30		-0.63
2005-12-31		-0.69
2006-01-01	0.01
2006-01-31		-0.36
2006-02-28		-0.72
2006-03-01	0
2006-03-31		-0.38
2006-04-01	0.01
2006-04-30		0.11
2006-05-31		0.11
2006-06-01	0.02
2006-06-30		0.17
2006-07-01	0.01
2006-07-31		-0.09
2006-08-31		0.07
2006-09-01	0.01
2006-09-30		-0.63
2006-10-01	0.01
2006-10-31		-0.51
2006-11-01	0
2006-11-30		-0.22
2006-12-31		-0.45
2007-01-01	0
2007-01-31		-0.87
2007-02-28		-0.71
2007-03-01	0
2007-03-31		-0.59
2007-04-01	0
2007-04-30		-0.82
2007-05-31		-0.41
2007-06-01	0
2007-06-30		-0.37
2007-07-01	0.01
2007-07-31		-0.43
2007-08-31		-0.10
2007-09-01	0
2007-09-30		-0.03
2007-10-01	0
2007-10-31		-0.60
2007-11-01	0
2007-11-30		-0.48
2007-12-31		-0.15
2008-01-01	0
2008-01-31		-0.37
2008-02-29		0.46
2008-03-01	0
2008-03-31		0.15
2008-04-01	0.01
2008-04-30		0.14
2008-05-31		-0.11
2008-06-01	0
2008-06-30		0.27
2008-07-01	0
2008-07-31		1.00
2008-08-31		0.28
2008-09-01	0
2008-09-30		-0.54
2008-10-01	0.01
2008-10-31		-0.98
2008-11-30		-1.53
2008-12-01	0
2008-12-31		-0.70
2009-01-01	0
2009-01-31		-0.40
2009-02-28		-0.43
2009-03-01	0
2009-03-31		0.20
2009-04-01	0
2009-04-30		0.86
2009-05-31		0.35
2009-06-01	0
2009-06-30		-0.49
2009-07-01	0
2009-07-31		-0.73
2009-08-31		-1.12
2009-09-01	0
2009-09-30		-0.49
2009-10-01	0
2009-10-31		-0.45
2009-11-30		-0.79
2009-12-01	0
2009-12-31		-0.61
2010-01-01	0
2010-01-31		-0.32
2010-02-28		-0.15
2010-03-01	0
2010-03-31		0.36
2010-04-01	0.01
2010-04-30		0.29
2010-05-31		0.44
2010-06-01	0.01
2010-06-30		-0.03
2010-07-01	0.01
2010-07-31		-0.05
2010-08-31		0.30
2010-09-01	0
2010-09-30		0.37
2010-10-01	0
2010-10-31		0.68
2010-11-30		0.46
2010-12-01	0.01
2010-12-31		0.71
2011-01-01	0
2011-01-31		0.78
2011-02-28		0.37
2011-03-01	0.01
2011-03-31		0.74
2011-04-01	0.04
2011-04-30		1.62
2011-05-31		0.94
2011-06-01	0.07
2011-06-30		0.20
2011-07-01	0.07
2011-07-31		0.29
2011-08-31		-0.10
2011-09-01	0.06
2011-09-30		-0.55
2011-10-01	0.02
2011-10-31		-0.37
2011-11-01	0.04
2011-11-30		0.14
2011-12-31		-0.04
2012-01-01	0.02
2012-01-31		0.39
2012-02-01	0.01
2012-02-29		0.02
2012-03-31		-0.36
2012-04-01	0.01
2012-04-30		-0.32
2012-05-31		-0.67
2012-06-01	0.01
2012-06-30		-0.70
2012-07-01	0.01
2012-07-31		-0.69
2012-08-01	0.01
2012-08-31		-0.13
2012-09-30		-0.26
2012-10-01	0.01
2012-10-31		0.00
2012-11-01	0
2012-11-30		-0.35
2012-12-31		-0.15
2013-01-01	0
2013-01-31		-0.04
2013-02-28		-0.37
2013-03-01	0
2013-03-31		-0.54
2013-04-01	0.01
2013-04-30		-0.72
2013-05-31		-0.86
2013-06-01	0.02
2013-06-30		-0.66
2013-07-01	0
2013-07-31		-0.65
2013-08-31		-0.56
2013-09-01	0
2013-09-30		-0.28
2013-10-01	0.01
2013-10-31		-0.18
2013-11-30		-0.69
2013-12-01	0
2013-12-31		-0.49
2014-01-01	0
2014-01-31		-0.63
2014-02-28		-0.28
2014-03-01	0.03
2014-03-31		-0.62
2014-04-01	0.02
2014-04-30		-0.82
2014-05-31		-0.83
2014-06-01	0.01
2014-06-30		-0.69
2014-07-01	0
2014-07-31		-0.82
2014-08-31		-0.63
2014-09-01	0
2014-09-30		-0.82
2014-10-01	0.01
2014-10-31		-0.59
2014-11-30		-0.97
2014-12-01	0
2014-12-31		-0.39
2015-01-01	0.01
2015-01-31		-0.51
2015-02-28		-0.32
2015-03-01	0
2015-03-31		-0.38
2015-04-01	0
2015-04-30		-0.35
2015-05-31		-0.55
2015-06-01	0.01
2015-06-30		-0.87
2015-07-01	0
2015-07-31		-0.41
2015-08-31		-0.68
2015-09-01	0
2015-09-30		-0.40
2015-10-01	0
2015-10-31		-0.24
2015-11-30		-0.64
2015-12-01	0
2015-12-31		-0.60
2016-01-01	0
2016-01-31		-0.80
2016-02-29		-0.75
2016-03-01	0.01
2016-03-31		-0.65
2016-04-01	0
2016-04-30		-0.27
2016-05-31		-0.71
2016-06-01	0.01
2016-06-30		-0.29
2016-07-01	0.02
2016-07-31		-0.17
2016-08-31		0.09
2016-09-01	0.01
2016-09-30		-0.29
2016-10-01	0
2016-10-31		-0.05
2016-11-01	0
2016-11-30		-0.30
2016-12-31		-0.22
2017-01-01	0
2017-01-31		0.17
2017-02-28		0.15
2017-03-01	0.01
2017-03-31		0.08
2017-04-01	0.01
2017-04-30		0.01
2017-05-01	0.01
2017-05-31		-0.14
2017-06-30		0.09
2017-07-01	0.01
2017-07-31		0.09
2017-08-31		0.39
2017-09-01	0
2017-09-30		0.56
2017-10-01	0.03
2017-10-31		0.80
2017-11-01	0.02
2017-11-30		0.81
2017-12-31		0.69
2018-01-01	0
2018-01-31		0.59
2018-02-28		0.06
2018-03-01	0.01
2018-03-31		0.44
2018-04-01	0
2018-04-30		0.52
2018-05-01	0.03
2018-05-31		0.38
2018-06-30		0.44
2018-07-01	0.02
2018-07-31		0.45
2018-08-31		0.53
2018-09-01	0.01
2018-09-30		0.47
2018-10-01	0.03
2018-10-31		0.53
2018-11-30		0.46
2018-12-01	0.04
2018-12-31		0.47
2019-01-01	0.01
2019-01-31		0.51
2019-02-28		0.15
2019-03-01	0.01
2019-03-31		0.22
2019-04-01	0.01
2019-04-30		0.02
2019-05-31		-0.62
2019-06-01	0.01
2019-06-30		-0.47
2019-07-01	0
2019-07-31		-0.45
2019-08-31		-0.29
2019-09-01	0.01
2019-09-30		0.14
2019-10-01	0.03
2019-10-31		0.10
2019-11-01	0.01
2019-11-30		0.16
2019-12-31		0.05
2020-01-01	0
2020-01-31		0.06
2020-02-29		1.31
2020-03-01	0.09
2020-03-31		2.66
2020-04-01	0.09
2020-04-30		3.36
2020-05-01	0.12
2020-05-31		2.55
2020-06-30		2.25
2020-07-01	0.08
2020-07-31		2.98
2020-08-31		1.50
2020-09-01	0.06
2020-09-30		0.63
2020-10-01	0.10
2020-10-31		0.12
2020-11-30		0.78
2020-12-01	0.08
2020-12-31		1.72
2021-01-01	0.06
2021-01-31		1.37
2021-02-28		2.00
2021-03-01	0.16
2021-03-31		2.32
2021-04-01	0.21
2021-04-30		2.82
2021-05-31		3.10
2021-06-01	0.24
2021-06-30		2.82
2021-07-01	0.22
2021-07-31		2.99
2021-08-31		3.37
2021-09-01	0.26
2021-09-30		3.44
2021-10-01	0.36
2021-10-31		3.99
2021-11-30		4.39
2021-12-01	0.39
2021-12-31		4.47
2022-01-01	0.36
2022-01-31		3.77
2022-02-28		2.84
2022-03-01	0.34
2022-03-31		2.89
2022-04-01	0.36
2022-04-30		3.59
2022-05-31		2.79
2022-06-01	0.25
2022-06-30		2.46
2022-07-01	0.26
2022-07-31		1.86
2022-08-31		1.54
2022-09-01	0.23
2022-09-30		1.05
2022-10-01	0.20
2022-10-31		1.15
2022-11-01	0.08
2022-11-30		1.28
2022-12-31		1.35
2023-01-01	0.13
2023-01-31		1.09
2023-02-28		-0.21
2023-03-01	0.08
2023-03-31		-1.15
2023-04-01	0.12
2023-04-30		-1.30
2023-05-01	0.06
2023-05-31		-1.58
2023-06-30		-1.11
2023-07-01	0.05
2023-07-31		-0.95
2023-08-31		-1.07
2023-09-01	0.09
2023-09-30		-0.65
2023-10-01	0.05
2023-10-31		-0.37
2023-11-01	0.02
2023-11-30		0.17
2023-12-31		-0.16
2024-01-01	0.02
2024-01-31		-0.34
2024-02-29		-0.19
2024-03-01	0.03
2024-03-31		-0.35
2024-04-01	0.01
2024-04-30		-0.95
2024-05-01	0.01
2024-05-31		-0.57
2024-06-30		-0.34
2024-07-01	0.03
2024-07-31		-0.04
2024-08-31		0.21
2024-09-01	0.01
2024-09-30		0.11
2024-10-23	0.01
2024-10-31		-0.34
2024-11-30		-0.28
2024-12-04	0.01
2024-12-31		-0.26
2025-01-15	0.03
2025-01-31		-0.18
2025-02-28		0.00
2025-03-05	0.03
2025-03-31		-0.18
2025-04-23	0.03
2025-04-30		-0.25
2025-05-31		0.28
2025-06-04	0.03
2025-06-30		0.13
2025-07-16	0.04
2025-07-31		0.10
2025-08-31		-0.03
2025-09-03	0.04
2025-09-30		0.05
2025-10-15	0.01
2025-10-31		-0.06
2025-11-26	0.02

Return to text

Figure 10: Topics: Inflation Hits vs Inflation Rate
Note: Beige Book Inflation Hits (based on inflation-related terms as a percent of total words) and PCE: Price Chain Index. Inflation-related terms include: "inflation" OR "inflationary" OR "price level".
Sources: Bureau of Economic Analysis via Haver Analytics; Beige Book text from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

pub_date	inflationHitPct	infl_pct_ch
1959-02-28		0.10
1959-03-31		0.07
1959-04-30		0.20
1959-05-31		0.05
1959-06-30		0.29
1959-07-31		0.21
1959-08-31		0.14
1959-09-30		0.26
1959-10-31		0.24
1959-11-30		0.06
1959-12-31		0.12
1960-01-31		-0.06
1960-02-29		0.10
1960-03-31		0.06
1960-04-30		0.36
1960-05-31		0.10
1960-06-30		0.05
1960-07-31		0.18
1960-08-31		0.17
1960-09-30		0.06
1960-10-31		0.12
1960-11-30		0.34
1960-12-31		0.02
1961-01-31		0.02
1961-02-28		0.09
1961-03-31		-0.06
1961-04-30		-0.06
1961-05-31		0.06
1961-06-30		0.04
1961-07-31		0.22
1961-08-31		0.08
1961-09-30		0.11
1961-10-31		-0.01
1961-11-30		0.01
1961-12-31		0.03
1962-01-31		0.19
1962-02-28		0.27
1962-03-31		0.13
1962-04-30		0.11
1962-05-31		0.06
1962-06-30		0.06
1962-07-31		-0.06
1962-08-31		0.14
1962-09-30		0.49
1962-10-31		-0.10
1962-11-30		0.07
1962-12-31		-0.04
1963-01-31		0.24
1963-02-28		0.11
1963-03-31		-0.08
1963-04-30		-0.01
1963-05-31		0.16
1963-06-30		0.22
1963-07-31		0.20
1963-08-31		0.14
1963-09-30		-0.02
1963-10-31		0.19
1963-11-30		0.14
1963-12-31		0.15
1964-01-31		0.21
1964-02-29		0.14
1964-03-31		0.06
1964-04-30		0.07
1964-05-31		0.01
1964-06-30		0.14
1964-07-31		0.13
1964-08-31		0.07
1964-09-30		0.15
1964-10-31		0.06
1964-11-30		0.14
1964-12-31		0.15
1965-01-31		0.11
1965-02-28		0.04
1965-03-31		0.13
1965-04-30		0.16
1965-05-31		0.22
1965-06-30		0.29
1965-07-31		0.07
1965-08-31		0.02
1965-09-30		0.05
1965-10-31		0.03
1965-11-30		0.17
1965-12-31		0.36
1966-01-31		0.12
1966-02-28		0.41
1966-03-31		0.24
1966-04-30		0.34
1966-05-31		0.12
1966-06-30		0.25
1966-07-31		0.19
1966-08-31		0.38
1966-09-30		0.32
1966-10-31		0.26
1966-11-30		0.15
1966-12-31		0.21
1967-01-31		0.01
1967-02-28		0.12
1967-03-31		0.05
1967-04-30		0.17
1967-05-31		0.19
1967-06-30		0.32
1967-07-31		0.34
1967-08-31		0.31
1967-09-30		0.30
1967-10-31		0.28
1967-11-30		0.33
1967-12-31		0.16
1968-01-31		0.46
1968-02-29		0.41
1968-03-31		0.33
1968-04-30		0.31
1968-05-31		0.37
1968-06-30		0.32
1968-07-31		0.31
1968-08-31		0.41
1968-09-30		0.35
1968-10-31		0.44
1968-11-30		0.34
1968-12-31		0.21
1969-01-31		0.39
1969-02-28		0.25
1969-03-31		0.47
1969-04-30		0.44
1969-05-31		0.40
1969-06-30		0.48
1969-07-31		0.44
1969-08-31		0.27
1969-09-30		0.42
1969-10-31		0.34
1969-11-30		0.43
1969-12-31		0.46
1970-01-31		0.36
1970-02-28		0.40
1970-03-31		0.25
1970-04-30		0.51
1970-05-01	0.32
1970-05-31		0.32
1970-06-01	0.21
1970-06-30		0.26
1970-07-01	0.08
1970-07-31		0.37
1970-08-01	0.12
1970-08-31		0.26
1970-09-01	0.20
1970-09-30		0.45
1970-10-01	0.03
1970-10-31		0.50
1970-11-01	0.16
1970-11-30		0.39
1970-12-01	0.16
1970-12-31		0.44
1971-01-01	0.29
1971-01-31		0.21
1971-02-01	0.10
1971-02-28		0.29
1971-03-01	0.19
1971-03-31		0.33
1971-04-01	0.04
1971-04-30		0.39
1971-05-01	0.14
1971-05-31		0.42
1971-06-01	0.37
1971-06-30		0.44
1971-07-01	0.10
1971-07-31		0.30
1971-08-01	0.26
1971-08-31		0.29
1971-09-01	0.10
1971-09-30		0.15
1971-10-01	0.10
1971-10-31		0.15
1971-11-01	0.04
1971-11-30		0.21
1971-12-01	0.10
1971-12-31		0.39
1972-01-31		0.41
1972-02-01	0.09
1972-02-29		0.39
1972-03-01	0.02
1972-03-31		0.14
1972-04-01	0.16
1972-04-30		0.15
1972-05-01	0.15
1972-05-31		0.22
1972-06-01	0.13
1972-06-30		0.15
1972-07-01	0.08
1972-07-31		0.36
1972-08-01	0.18
1972-08-31		0.29
1972-09-01	0.09
1972-09-30		0.45
1972-10-01	0.21
1972-10-31		0.11
1972-11-01	0.23
1972-11-30		0.30
1972-12-01	0.05
1972-12-31		0.32
1973-01-01	0.18
1973-01-31		0.30
1973-02-01	0.17
1973-02-28		0.53
1973-03-01	0.29
1973-03-31		0.71
1973-04-01	0.27
1973-04-30		0.74
1973-05-01	0.15
1973-05-31		0.49
1973-06-01	0.09
1973-06-30		0.57
1973-07-01	0.09
1973-07-31		0.36
1973-08-01	0.08
1973-08-31		1.15
1973-09-01	0.08
1973-09-30		0.40
1973-10-01	0.06
1973-10-31		0.57
1973-11-01	0.04
1973-11-30		0.82
1973-12-01	0.08
1973-12-31		0.82
1974-01-01	0.12
1974-01-31		0.96
1974-02-01	0.13
1974-02-28		1.16
1974-03-01	0.17
1974-03-31		1.16
1974-04-01	0.16
1974-04-30		0.71
1974-05-01	0.25
1974-05-31		0.99
1974-06-01	0.30
1974-06-30		0.85
1974-07-01	0.21
1974-07-31		0.74
1974-08-01	0.14
1974-08-31		1.05
1974-09-01	0.20
1974-09-30		1.04
1974-10-01	0.12
1974-10-31		0.72
1974-11-01	0.05
1974-11-30		0.75
1974-12-01	0.10
1974-12-31		0.79
1975-01-01	0.16
1975-01-31		0.62
1975-02-01	0.05
1975-02-28		0.54
1975-03-01	0.07
1975-03-31		0.34
1975-04-01	0.14
1975-04-30		0.34
1975-05-01	0.10
1975-05-31		0.40
1975-06-01	0.03
1975-06-30		0.63
1975-07-01	0.08
1975-07-31		0.86
1975-08-01	0.14
1975-08-31		0.43
1975-09-01	0.19
1975-09-30		0.50
1975-10-01	0.17
1975-10-31		0.58
1975-11-01	0.05
1975-11-30		0.64
1975-12-01	0.07
1975-12-31		0.55
1976-01-01	0.10
1976-01-31		0.38
1976-02-01	0.18
1976-02-29		0.13
1976-03-01	0.05
1976-03-31		0.15
1976-04-01	0.11
1976-04-30		0.23
1976-05-01	0.08
1976-05-31		0.48
1976-06-01	0.06
1976-06-30		0.44
1976-07-01	0.05
1976-07-31		0.51
1976-08-01	0.05
1976-08-31		0.55
1976-09-01	0.04
1976-09-30		0.56
1976-10-01	0.23
1976-10-31		0.52
1976-11-01	0.04
1976-11-30		0.45
1976-12-01	0.04
1976-12-31		0.56
1977-01-01	0.04
1977-01-31		0.58
1977-02-01	0.05
1977-02-28		0.78
1977-03-01	0.17
1977-03-31		0.50
1977-04-01	0.11
1977-04-30		0.58
1977-05-01	0.14
1977-05-31		0.51
1977-06-01	0.07
1977-06-30		0.56
1977-07-01	0.20
1977-07-31		0.52
1977-08-01	0.02
1977-08-31		0.47
1977-09-01	0.04
1977-09-30		0.38
1977-10-01	0.09
1977-10-31		0.46
1977-11-01	0.06
1977-11-30		0.57
1977-12-01	0.03
1977-12-31		0.49
1978-01-01	0.07
1978-01-31		0.59
1978-02-01	0.01
1978-02-28		0.46
1978-03-01	0.09
1978-03-31		0.65
1978-04-01	0.31
1978-04-30		0.76
1978-05-01	0.30
1978-05-31		0.71
1978-06-01	0.20
1978-06-30		0.65
1978-07-01	0.16
1978-07-31		0.55
1978-08-01	0.09
1978-08-31		0.51
1978-09-01	0.20
1978-09-30		0.57
1978-10-01	0.20
1978-10-31		0.80
1978-11-01	0.28
1978-11-30		0.57
1978-12-01	0.10
1978-12-31		0.47
1979-01-01	0.15
1979-01-31		0.76
1979-02-28		0.53
1979-03-01	0.17
1979-03-31		0.78
1979-04-01	0.09
1979-04-30		1.04
1979-05-01	0.17
1979-05-31		1.04
1979-06-30		0.83
1979-07-01	0.15
1979-07-31		0.76
1979-08-01	0.12
1979-08-31		0.76
1979-09-01	0.17
1979-09-30		0.88
1979-10-01	0.18
1979-10-31		0.82
1979-11-01	0.18
1979-11-30		0.69
1979-12-31		0.84
1980-01-01	0.09
1980-01-31		1.05
1980-02-29		1.08
1980-03-01	0.34
1980-03-31		1.23
1980-04-01	0.12
1980-04-30		0.52
1980-05-01	0.03
1980-05-31		0.78
1980-06-30		0.63
1980-07-01	0.07
1980-07-31		0.78
1980-08-01	0.07
1980-08-31		0.83
1980-09-01	0.24
1980-09-30		0.93
1980-10-01	0.17
1980-10-31		0.80
1980-11-01	0.22
1980-11-30		0.81
1980-12-01	0.15
1980-12-31		0.65
1981-01-01	0.11
1981-01-31		0.96
1981-02-28		1.01
1981-03-01	0.18
1981-03-31		0.70
1981-04-30		0.44
1981-05-01	0.17
1981-05-31		0.45
1981-06-01	0.27
1981-06-30		0.40
1981-07-31		0.60
1981-08-01	0.09
1981-08-31		0.63
1981-09-01	0.09
1981-09-30		0.61
1981-10-31		0.45
1981-11-01	0.11
1981-11-30		0.54
1981-12-01	0.06
1981-12-31		0.31
1982-01-01	0.10
1982-01-31		0.59
1982-02-28		0.30
1982-03-01	0.11
1982-03-31		0.26
1982-04-30		0.05
1982-05-01	0.11
1982-05-31		0.59
1982-06-01	0.07
1982-06-30		0.73
1982-07-31		0.59
1982-08-01	0.04
1982-08-31		0.31
1982-09-01	0.06
1982-09-30		0.28
1982-10-31		0.56
1982-11-01	0.08
1982-11-30		0.30
1982-12-01	0.05
1982-12-31		0.15
1983-01-31		0.47
1983-02-01	0.11
1983-02-28		0.17
1983-03-01	0.12
1983-03-31		0.13
1983-04-30		0.46
1983-05-01	0.09
1983-05-31		0.28
1983-06-30		0.37
1983-07-01	0.04
1983-07-31		0.56
1983-08-01	0.03
1983-08-31		0.43
1983-09-01	0.02
1983-09-30		0.35
1983-10-31		0.17
1983-11-01	0.03
1983-11-30		0.14
1983-12-01	0
1983-12-31		0.05
1984-01-01	0.02
1984-01-31		0.43
1984-02-29		0.67
1984-03-01	0.06
1984-03-31		0.33
1984-04-30		0.38
1984-05-01	0.02
1984-05-31		0.13
1984-06-01	0.02
1984-06-30		0.18
1984-07-31		0.36
1984-08-01	0.04
1984-08-31		0.31
1984-09-01	0.05
1984-09-30		0.14
1984-10-01	0.03
1984-10-31		0.24
1984-11-30		0.14
1984-12-01	0.03
1984-12-31		0.28
1985-01-01	0.03
1985-01-31		0.50
1985-02-28		0.46
1985-03-01	0.02
1985-03-31		0.39
1985-04-30		0.14
1985-05-01	0.01
1985-05-31		0.24
1985-06-01	0
1985-06-30		0.27
1985-07-31		0.25
1985-08-01	0
1985-08-31		0.33
1985-09-01	0.01
1985-09-30		0.17
1985-10-01	0.02
1985-10-31		0.17
1985-11-30		0.29
1985-12-01	0
1985-12-31		0.34
1986-01-01	0
1986-01-31		0.46
1986-02-28		0
1986-03-01	0
1986-03-31		-0.22
1986-04-30		-0.20
1986-05-01	0.01
1986-05-31		0.18
1986-06-01	0
1986-06-30		0.37
1986-07-31		0.03
1986-08-01	0
1986-08-31		0.13
1986-09-01	0
1986-09-30		0.33
1986-10-01	0
1986-10-31		0.18
1986-11-30		0.18
1986-12-01	0.03
1986-12-31		0.14
1987-01-01	0
1987-01-31		0.47
1987-02-28		0.35
1987-03-01	0.01
1987-03-31		0.26
1987-04-30		0.37
1987-05-01	0
1987-05-31		0.25
1987-06-01	0.02
1987-06-30		0.38
1987-07-31		0.23
1987-08-01	0
1987-08-31		0.40
1987-09-01	0.08
1987-09-30		0.34
1987-10-01	0.02
1987-10-31		0.32
1987-11-30		0.19
1987-12-01	0.06
1987-12-31		0.18
1988-01-01	0.01
1988-01-31		0.39
1988-02-29		0.15
1988-03-01	0.01
1988-03-31		0.34
1988-04-30		0.49
1988-05-01	0.05
1988-05-31		0.29
1988-06-01	0.07
1988-06-30		0.43
1988-07-31		0.49
1988-08-01	0.02
1988-08-31		0.30
1988-09-01	0.02
1988-09-30		0.49
1988-10-01	0.02
1988-10-31		0.33
1988-11-01	0.02
1988-11-30		0.23
1988-12-31		0.31
1989-01-01	0.04
1989-01-31		0.51
1989-02-28		0.33
1989-03-01	0.06
1989-03-31		0.37
1989-04-30		0.67
1989-05-01	0.01
1989-05-31		0.36
1989-06-01	0.11
1989-06-30		0.22
1989-07-31		0.24
1989-08-01	0.09
1989-08-31		0.01
1989-09-01	0.01
1989-09-30		0.22
1989-10-31		0.39
1989-11-01	0.05
1989-11-30		0.22
1989-12-01	0
1989-12-31		0.29
1990-01-01	0.01
1990-01-31		0.76
1990-02-28		0.44
1990-03-01	0.06
1990-03-31		0.38
1990-04-30		0.21
1990-05-01	0.02
1990-05-31		0.22
1990-06-01	0.02
1990-06-30		0.44
1990-07-31		0.25
1990-08-01	0.04
1990-08-31		0.67
1990-09-01	0.08
1990-09-30		0.61
1990-10-01	0.04
1990-10-31		0.57
1990-11-30		0.13
1990-12-01	0.02
1990-12-31		0.09
1991-01-01	0.05
1991-01-31		0.38
1991-02-28		0.05
1991-03-01	0.05
1991-03-31		0.02
1991-04-30		0.18
1991-05-01	0.01
1991-05-31		0.41
1991-06-01	0.02
1991-06-30		0.17
1991-07-31		0.16
1991-08-01	0.02
1991-08-31		0.23
1991-09-01	0.04
1991-09-30		0.34
1991-10-01	0.02
1991-10-31		0.19
1991-11-30		0.22
1991-12-01	0.03
1991-12-31		0.25
1992-01-01	0.02
1992-01-31		0.14
1992-02-29		0.25
1992-03-01	0.03
1992-03-31		0.24
1992-04-30		0.27
1992-05-01	0.01
1992-05-31		0.13
1992-06-01	0.05
1992-06-30		0.18
1992-07-31		0.33
1992-08-01	0.01
1992-08-31		0.13
1992-09-01	0
1992-09-30		0.16
1992-10-31		0.35
1992-11-01	0.01
1992-11-30		0.20
1992-12-01	0.03
1992-12-31		0.17
1993-01-01	0
1993-01-31		0.24
1993-02-28		0.15
1993-03-01	0.01
1993-03-31		0.20
1993-04-30		0.27
1993-05-01	0.02
1993-05-31		0.31
1993-06-01	0.04
1993-06-30		0.03
1993-07-31		0.16
1993-08-01	0.05
1993-08-31		0.17
1993-09-01	0.03
1993-09-30		0.10
1993-10-31		0.31
1993-11-01	0.06
1993-11-30		0.19
1993-12-01	0.03
1993-12-31		0.02
1994-01-01	0.05
1994-01-31		0.03
1994-02-28		0.23
1994-03-01	0.02
1994-03-31		0.28
1994-04-30		0.12
1994-05-01	0.04
1994-05-31		0.15
1994-06-01	0.03
1994-06-30		0.24
1994-07-31		0.32
1994-08-01	0.03
1994-08-31		0.23
1994-09-01	0.01
1994-09-30		0.11
1994-10-31		0.17
1994-11-01	0.03
1994-11-30		0.19
1994-12-01	0.03
1994-12-31		0.06
1995-01-01	0.08
1995-01-31		0.20
1995-02-28		0.18
1995-03-01	0.03
1995-03-31		0.18
1995-04-30		0.26
1995-05-01	0.03
1995-05-31		0.15
1995-06-01	0.02
1995-06-30		0.10
1995-07-31		0.13
1995-08-01	0.02
1995-08-31		0.22
1995-09-01	0.04
1995-09-30		0.07
1995-10-31		0.26
1995-11-01	0.04
1995-11-30		-0.00
1995-12-01	0.07
1995-12-31		0.19
1996-01-01	0.03
1996-01-31		0.22
1996-02-29		0.16
1996-03-01	0.03
1996-03-31		0.30
1996-04-30		0.30
1996-05-01	0.04
1996-05-31		0.17
1996-06-01	0.03
1996-06-30		-0.00
1996-07-31		0.21
1996-08-01	0.03
1996-08-31		0.10
1996-09-01	0.04
1996-09-30		0.28
1996-10-01	0.02
1996-10-31		0.30
1996-11-30		0.18
1996-12-01	0.01
1996-12-31		0.12
1997-01-01	0.02
1997-01-31		0.13
1997-02-28		0.21
1997-03-01	0.02
1997-03-31		0.11
1997-04-30		0.10
1997-05-01	0.02
1997-05-31		-0.05
1997-06-01	0.02
1997-06-30		0.13
1997-07-31		0.06
1997-08-01	0.03
1997-08-31		0.08
1997-09-01	0.02
1997-09-30		0.24
1997-10-01	0.02
1997-10-31		0.13
1997-11-30		0.01
1997-12-01	0.01
1997-12-31		-0.02
1998-01-01	0.02
1998-01-31		0.05
1998-02-28		-0.05
1998-03-01	0.02
1998-03-31		0.02
1998-04-30		0.12
1998-05-01	0.03
1998-05-31		0.14
1998-06-01	0.05
1998-06-30		-0.08
1998-07-31		0.25
1998-08-01	0.02
1998-08-31		0.14
1998-09-01	0.02
1998-09-30		-0.06
1998-10-31		0.22
1998-11-01	0.02
1998-11-30		0.00
1998-12-01	0.02
1998-12-31		0.10
1999-01-01	0.02
1999-01-31		0.14
1999-02-28		-0.06
1999-03-01	0.01
1999-03-31		0.08
1999-04-30		0.48
1999-05-01	0.04
1999-05-31		0.07
1999-06-01	0.03
1999-06-30		0.03
1999-07-31		0.27
1999-08-01	0.03
1999-08-31		0.18
1999-09-01	0.02
1999-09-30		0.36
1999-10-31		0.17
1999-11-01	0.03
1999-11-30		0.09
1999-12-01	0.02
1999-12-31		0.23
2000-01-01	0.02
2000-01-31		0.27
2000-02-29		0.32
2000-03-01	0.02
2000-03-31		0.43
2000-04-30		-0.08
2000-05-01	0.05
2000-05-31		0.08
2000-06-01	0.04
2000-06-30		0.34
2000-07-31		0.25
2000-08-01	0.01
2000-08-31		-0.01
2000-09-01	0
2000-09-30		0.43
2000-10-31		0.14
2000-11-01	0.01
2000-11-30		0.14
2000-12-01	0
2000-12-31		0.15
2001-01-01	0.01
2001-01-31		0.48
2001-02-28		0.15
2001-03-01	0.01
2001-03-31		0.01
2001-04-30		0.18
2001-05-01	0.01
2001-05-31		0.26
2001-06-01	0.02
2001-06-30		0.18
2001-07-31		-0.03
2001-08-01	0.01
2001-08-31		-0.01
2001-09-01	0
2001-09-30		-0.34
2001-10-01	0.03
2001-10-31		0.35
2001-11-01	0.01
2001-11-30		-0.07
2001-12-31		-0.10
2002-01-01	0.01
2002-01-31		0.09
2002-02-28		0.17
2002-03-01	0
2002-03-31		0.27
2002-04-01	0
2002-04-30		0.42
2002-05-31		0.07
2002-06-01	0
2002-06-30		0.12
2002-07-01	0.01
2002-07-31		0.22
2002-08-31		0.20
2002-09-01	0.01
2002-09-30		0.18
2002-10-01	0.01
2002-10-31		0.18
2002-11-01	0
2002-11-30		0.10
2002-12-31		0.10
2003-01-01	0
2003-01-31		0.30
2003-02-28		0.42
2003-03-01	0.01
2003-03-31		0.26
2003-04-01	0.01
2003-04-30		-0.17
2003-05-31		-0.11
2003-06-01	0.01
2003-06-30		0.11
2003-07-01	0.01
2003-07-31		0.29
2003-08-31		0.34
2003-09-01	0.01
2003-09-30		0.31
2003-10-01	0
2003-10-31		0.01
2003-11-01	0.01
2003-11-30		0.13
2003-12-31		0.22
2004-01-01	0
2004-01-31		0.39
2004-02-29		0.21
2004-03-01	0
2004-03-31		0.15
2004-04-01	0.01
2004-04-30		0.19
2004-05-31		0.33
2004-06-01	0.01
2004-06-30		0.29
2004-07-01	0.01
2004-07-31		0.09
2004-08-31		0.05
2004-09-01	0.03
2004-09-30		0.20
2004-10-01	0.02
2004-10-31		0.43
2004-11-30		0.39
2004-12-01	0.01
2004-12-31		0.05
2005-01-01	0.02
2005-01-31		0.13
2005-02-28		0.28
2005-03-01	0.01
2005-03-31		0.30
2005-04-01	0.03
2005-04-30		0.28
2005-05-31		0.06
2005-06-01	0.02
2005-06-30		0.06
2005-07-01	0.04
2005-07-31		0.42
2005-08-31		0.40
2005-09-01	0.01
2005-09-30		0.97
2005-10-01	0.01
2005-10-31		0.16
2005-11-01	0.01
2005-11-30		-0.21
2005-12-31		0
2006-01-01	0.01
2006-01-31		0.48
2006-02-28		0.06
2006-03-01	0.02
2006-03-31		0.19
2006-04-01	0.01
2006-04-30		0.46
2006-05-31		0.27
2006-06-01	0.02
2006-06-30		0.25
2006-07-01	0.02
2006-07-31		0.34
2006-08-31		0.31
2006-09-01	0.01
2006-09-30		-0.26
2006-10-01	0.01
2006-10-31		-0.24
2006-11-01	0
2006-11-30		0.03
2006-12-31		0.36
2007-01-01	0.01
2007-01-31		0.33
2007-02-28		0.31
2007-03-01	0.02
2007-03-31		0.37
2007-04-01	0.03
2007-04-30		0.24
2007-05-31		0.29
2007-06-01	0.05
2007-06-30		0.21
2007-07-01	0.02
2007-07-31		0.15
2007-08-31		0.07
2007-09-01	0.01
2007-09-30		0.39
2007-10-01	0.02
2007-10-31		0.30
2007-11-01	0.01
2007-11-30		0.53
2007-12-31		0.23
2008-01-01	0.02
2008-01-31		0.25
2008-02-29		0.20
2008-03-01	0.01
2008-03-31		0.29
2008-04-01	0.01
2008-04-30		0.19
2008-05-31		0.43
2008-06-01	0.01
2008-06-30		0.73
2008-07-01	0.02
2008-07-31		0.47
2008-08-31		-0.08
2008-09-01	0.03
2008-09-30		0.08
2008-10-01	0.02
2008-10-31		-0.66
2008-11-30		-1.18
2008-12-01	0
2008-12-31		-0.56
2009-01-01	0.01
2009-01-31		0.01
2009-02-28		0.18
2009-03-01	0.01
2009-03-31		-0.11
2009-04-01	0.01
2009-04-30		0.14
2009-05-31		0.10
2009-06-01	0.01
2009-06-30		0.59
2009-07-01	0
2009-07-31		0.01
2009-08-31		0.29
2009-09-01	0
2009-09-30		0.16
2009-10-01	0.02
2009-10-31		0.38
2009-11-30		0.25
2009-12-01	0
2009-12-31		0.06
2010-01-01	0
2010-01-31		0.22
2010-02-28		-0.00
2010-03-01	0
2010-03-31		0.14
2010-04-01	0
2010-04-30		0.05
2010-05-31		0.03
2010-06-01	0
2010-06-30		-0.04
2010-07-01	0
2010-07-31		0.09
2010-08-31		0.14
2010-09-01	0
2010-09-30		0.10
2010-10-01	0
2010-10-31		0.32
2010-11-30		0.20
2010-12-01	0.01
2010-12-31		0.23
2011-01-01	0
2011-01-31		0.30
2011-02-28		0.28
2011-03-01	0
2011-03-31		0.40
2011-04-01	0.01
2011-04-30		0.42
2011-05-31		0.30
2011-06-01	0.01
2011-06-30		-0.02
2011-07-01	0
2011-07-31		0.17
2011-08-31		0.24
2011-09-01	0.01
2011-09-30		0.14
2011-10-01	0.02
2011-10-31		0.00
2011-11-01	0.02
2011-11-30		0.20
2011-12-31		0.06
2012-01-01	0.04
2012-01-31		0.34
2012-02-01	0.02
2012-02-29		0.22
2012-03-31		0.19
2012-04-01	0.05
2012-04-30		0.13
2012-05-31		-0.11
2012-06-01	0.04
2012-06-30		-0.05
2012-07-01	0.04
2012-07-31		0.04
2012-08-01	0.03
2012-08-31		0.34
2012-09-30		0.30
2012-10-01	0.03
2012-10-31		0.30
2012-11-01	0.03
2012-11-30		-0.07
2012-12-31		-0.02
2013-01-01	0.03
2013-01-31		0.19
2013-02-28		0.36
2013-03-01	0.04
2013-03-31		-0.13
2013-04-01	0.02
2013-04-30		-0.10
2013-05-31		0.07
2013-06-01	0.03
2013-06-30		0.22
2013-07-01	0.04
2013-07-31		0.12
2013-08-31		0.15
2013-09-01	0.05
2013-09-30		0.04
2013-10-01	0.02
2013-10-31		0.13
2013-11-30		0.15
2013-12-01	0.03
2013-12-31		0.17
2014-01-01	0.03
2014-01-31		0.21
2014-02-28		0.05
2014-03-01	0.03
2014-03-31		0.16
2014-04-01	0.02
2014-04-30		0.18
2014-05-31		0.16
2014-06-01	0.03
2014-06-30		0.11
2014-07-01	0.05
2014-07-31		0.14
2014-08-31		-0.01
2014-09-01	0.04
2014-09-30		0.03
2014-10-01	0.05
2014-10-31		-0.03
2014-11-30		-0.10
2014-12-01	0.05
2014-12-31		-0.18
2015-01-01	0.04
2015-01-31		-0.48
2015-02-28		0.18
2015-03-01	0.05
2015-03-31		0.19
2015-04-01	0.04
2015-04-30		0.09
2015-05-31		0.24
2015-06-01	0.02
2015-06-30		0.19
2015-07-01	0.04
2015-07-31		0.09
2015-08-31		0.01
2015-09-01	0.02
2015-09-30		-0.14
2015-10-01	0.04
2015-10-31		0
2015-11-30		0.06
2015-12-01	0.05
2015-12-31		-0.08
2016-01-01	0.05
2016-01-31		0.04
2016-02-29		-0.05
2016-03-01	0.05
2016-03-31		0.23
2016-04-01	0.04
2016-04-30		0.33
2016-05-31		0.16
2016-06-01	0.05
2016-06-30		0.18
2016-07-01	0.02
2016-07-31		0.02
2016-08-31		0.14
2016-09-01	0.05
2016-09-30		0.19
2016-10-01	0.04
2016-10-31		0.20
2016-11-01	0.04
2016-11-30		0.03
2016-12-31		0.17
2017-01-01	0.03
2017-01-31		0.38
2017-02-28		0.14
2017-03-01	0.06
2017-03-31		-0.05
2017-04-01	0.04
2017-04-30		0.19
2017-05-01	0.03
2017-05-31		-0.04
2017-06-30		0.08
2017-07-01	0.05
2017-07-31		0.04
2017-08-31		0.22
2017-09-01	0.06
2017-09-30		0.37
2017-10-01	0.05
2017-10-31		0.13
2017-11-01	0.06
2017-11-30		0.14
2017-12-31		0.15
2018-01-01	0.06
2018-01-31		0.37
2018-02-28		0.21
2018-03-01	0.05
2018-03-31		0.11
2018-04-01	0.05
2018-04-30		0.24
2018-05-01	0.08
2018-05-31		0.17
2018-06-30		0.09
2018-07-01	0.10
2018-07-31		0.11
2018-08-31		0.07
2018-09-01	0.10
2018-09-30		0.21
2018-10-01	0.04
2018-10-31		0.17
2018-11-30		0.03
2018-12-01	0.03
2018-12-31		0.07
2019-01-01	0.04
2019-01-31		-0.05
2019-02-28		0.18
2019-03-01	0.06
2019-03-31		0.23
2019-04-01	0.07
2019-04-30		0.28
2019-05-31		0.07
2019-06-01	0.08
2019-06-30		0.05
2019-07-01	0.08
2019-07-31		0.13
2019-08-31		0.05
2019-09-01	0.05
2019-09-30		0.06
2019-10-01	0.04
2019-10-31		0.18
2019-11-01	0.06
2019-11-30		0.10
2019-12-31		0.27
2020-01-01	0.03
2020-01-31		0.18
2020-02-29		0.08
2020-03-01	0.08
2020-03-31		-0.29
2020-04-01	0.04
2020-04-30		-0.42
2020-05-01	0.03
2020-05-31		0.10
2020-06-30		0.32
2020-07-01	0.01
2020-07-31		0.30
2020-08-31		0.28
2020-09-01	0.03
2020-09-30		0.18
2020-10-01	0.03
2020-10-31		0.09
2020-11-30		0.10
2020-12-01	0.04
2020-12-31		0.42
2021-01-01	0.04
2021-01-31		0.42
2021-02-28		0.33
2021-03-01	0.04
2021-03-31		0.52
2021-04-01	0.06
2021-04-30		0.53
2021-05-31		0.52
2021-06-01	0.03
2021-06-30		0.54
2021-07-01	0.04
2021-07-31		0.46
2021-08-31		0.38
2021-09-01	0.03
2021-09-30		0.33
2021-10-01	0.04
2021-10-31		0.66
2021-11-30		0.67
2021-12-01	0.05
2021-12-31		0.62
2022-01-01	0.07
2022-01-31		0.55
2022-02-28		0.59
2022-03-01	0.12
2022-03-31		0.88
2022-04-01	0.18
2022-04-30		0.30
2022-05-31		0.62
2022-06-01	0.26
2022-06-30		0.96
2022-07-01	0.19
2022-07-31		-0.01
2022-08-31		0.28
2022-09-01	0.22
2022-09-30		0.35
2022-10-01	0.23
2022-10-31		0.47
2022-11-01	0.20
2022-11-30		0.26
2022-12-31		0.14
2023-01-01	0.21
2023-01-31		0.54
2023-02-28		0.29
2023-03-01	0.15
2023-03-31		0.14
2023-04-01	0.14
2023-04-30		0.35
2023-05-01	0.13
2023-05-31		0.17
2023-06-30		0.27
2023-07-01	0.10
2023-07-31		0.11
2023-08-31		0.30
2023-09-01	0.10
2023-09-30		0.37
2023-10-01	0.10
2023-10-31		0.05
2023-11-01	0.08
2023-11-30		0.01
2023-12-31		0.14
2024-01-01	0.11
2024-01-31		0.47
2024-02-29		0.30
2024-03-01	0.09
2024-03-31		0.36
2024-04-01	0.11
2024-04-30		0.25
2024-05-01	0.07
2024-05-31		0.01
2024-06-30		0.15
2024-07-01	0.13
2024-07-31		0.16
2024-08-31		0.12
2024-09-01	0.07
2024-09-30		0.22
2024-10-23	0.08
2024-10-31		0.27
2024-11-30		0.11
2024-12-04	0.10
2024-12-31		0.27
2025-01-15	0.10
2025-01-31		0.35
2025-02-28		0.40
2025-03-05	0.11
2025-03-31		0.02
2025-04-23	0.06
2025-04-30		0.17
2025-05-31		0.18
2025-06-04	0.07
2025-06-30		0.29
2025-07-16	0.03
2025-07-31		0.17
2025-08-31		0.26
2025-09-03	0.06
2025-09-30		0.27
2025-10-15	0.07
2025-11-26	0.04

Return to text

Figure 11: Topics: Unemployment Hits vs Unemployment Rate
Note: Beige Book Unemployment Hits (based on unemployment-related terms as a percent of total words) and Unemployment Rate. Inflation-related terms include: "unemployment" OR "hiring freeze" OR "job loss" OR "payroll reduction" OR "layoff".
Sources: U.S. Bureau of Labor Statistics, Unemployment Rate, retrieved from FRED; Beige Book text from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

pub_date	laborHitPct	UNRATE
1969-12-01		3.50
1970-01-01		3.90
1970-02-01		4.20
1970-03-01		4.40
1970-04-01		4.60
1970-05-01	0.16	4.80
1970-06-01	0.27	4.90
1970-07-01	0.27	5
1970-08-01	0.25	5.10
1970-09-01	0.38	5.40
1970-10-01	0.25	5.50
1970-11-01	0.28	5.90
1970-12-01	0.26	6.10
1971-01-01	0.24	5.90
1971-02-01	0.27	5.90
1971-03-01	0.22	6
1971-04-01	0.29	5.90
1971-05-01	0.16	5.90
1971-06-01	0.14	5.90
1971-07-01	0.23	6
1971-08-01	0.33	6.10
1971-09-01	0.07	6
1971-10-01	0.23	5.80
1971-11-01	0.15	6
1971-12-01	0.14	6
1972-01-01		5.80
1972-02-01	0.12	5.70
1972-03-01	0.22	5.80
1972-04-01	0.17	5.70
1972-05-01	0.21	5.70
1972-06-01	0.17	5.70
1972-07-01	0.19	5.60
1972-08-01	0.22	5.60
1972-09-01	0.12	5.50
1972-10-01	0.21	5.60
1972-11-01	0.10	5.30
1972-12-01	0.15	5.20
1973-01-01	0.15	4.90
1973-02-01	0.16	5
1973-03-01	0.08	4.90
1973-04-01	0.10	5
1973-05-01	0.11	4.90
1973-06-01	0.09	4.90
1973-07-01	0.09	4.80
1973-08-01	0.10	4.80
1973-09-01	0.04	4.80
1973-10-01	0.08	4.60
1973-11-01	0.21	4.80
1973-12-01	0.16	4.90
1974-01-01	0.16	5.10
1974-02-01	0.20	5.20
1974-03-01	0.15	5.10
1974-04-01	0.10	5.10
1974-05-01	0.11	5.10
1974-06-01	0.12	5.40
1974-07-01	0.07	5.50
1974-08-01	0.04	5.50
1974-09-01	0.06	5.90
1974-10-01	0.16	6
1974-11-01	0.35	6.60
1974-12-01	0.34	7.20
1975-01-01	0.35	8.10
1975-02-01	0.45	8.10
1975-03-01	0.36	8.60
1975-04-01	0.22	8.80
1975-05-01	0.17	9
1975-06-01	0.20	8.80
1975-07-01	0.12	8.60
1975-08-01	0.08	8.40
1975-09-01	0.12	8.40
1975-10-01	0.16	8.40
1975-11-01	0.08	8.30
1975-12-01	0.09	8.20
1976-01-01	0.13	7.90
1976-02-01	0.10	7.70
1976-03-01	0.18	7.60
1976-04-01	0.14	7.70
1976-05-01	0.03	7.40
1976-06-01	0.04	7.60
1976-07-01	0.09	7.80
1976-08-01	0.05	7.80
1976-09-01	0.07	7.60
1976-10-01	0.05	7.70
1976-11-01	0.02	7.80
1976-12-01	0.04	7.80
1977-01-01	0.06	7.50
1977-02-01	0.14	7.60
1977-03-01	0.06	7.40
1977-04-01	0.06	7.20
1977-05-01	0	7
1977-06-01	0.04	7.20
1977-07-01	0.07	6.90
1977-08-01	0.02	7
1977-09-01	0.08	6.80
1977-10-01	0.06	6.80
1977-11-01	0.03	6.80
1977-12-01	0.07	6.40
1978-01-01	0.12	6.40
1978-02-01	0.13	6.30
1978-03-01	0.12	6.30
1978-04-01	0.05	6.10
1978-05-01	0.09	6
1978-06-01	0.04	5.90
1978-07-01	0.01	6.20
1978-08-01	0	5.90
1978-09-01	0.03	6
1978-10-01	0.01	5.80
1978-11-01	0	5.90
1978-12-01	0.03	6
1979-01-01	0.04	5.90
1979-02-01		5.90
1979-03-01	0.02	5.80
1979-04-01	0.06	5.80
1979-05-01	0.07	5.60
1979-06-01		5.70
1979-07-01	0.05	5.70
1979-08-01	0.15	6
1979-09-01	0.08	5.90
1979-10-01	0.08	6
1979-11-01	0.06	5.90
1979-12-01		6
1980-01-01	0.05	6.30
1980-02-01		6.30
1980-03-01	0.03	6.30
1980-04-01	0.13	6.90
1980-05-01	0.23	7.50
1980-06-01		7.60
1980-07-01	0.08	7.80
1980-08-01	0.27	7.70
1980-09-01	0.10	7.50
1980-10-01	0.10	7.50
1980-11-01	0.07	7.50
1980-12-01	0.05	7.20
1981-01-01	0.06	7.50
1981-02-01		7.40
1981-03-01	0.04	7.40
1981-04-01		7.20
1981-05-01	0.08	7.50
1981-06-01	0.09	7.50
1981-07-01		7.20
1981-08-01	0.08	7.40
1981-09-01	0.09	7.60
1981-10-01		7.90
1981-11-01	0.12	8.30
1981-12-01	0.26	8.50
1982-01-01	0.21	8.60
1982-02-01		8.90
1982-03-01	0.35	9
1982-04-01		9.30
1982-05-01	0.25	9.40
1982-06-01	0.24	9.60
1982-07-01		9.80
1982-08-01	0.29	9.80
1982-09-01	0.19	10.10
1982-10-01		10.40
1982-11-01	0.29	10.80
1982-12-01	0.18	10.80
1983-01-01		10.40
1983-02-01	0.12	10.40
1983-03-01	0.15	10.30
1983-04-01		10.20
1983-05-01	0.09	10.10
1983-06-01		10.10
1983-07-01	0.15	9.40
1983-08-01	0.12	9.50
1983-09-01	0.19	9.20
1983-10-01		8.80
1983-11-01	0.15	8.50
1983-12-01	0.19	8.30
1984-01-01	0.08	8
1984-02-01		7.80
1984-03-01	0.20	7.80
1984-04-01		7.70
1984-05-01	0.12	7.40
1984-06-01	0.17	7.20
1984-07-01		7.50
1984-08-01	0.09	7.50
1984-09-01	0.12	7.30
1984-10-01	0.09	7.40
1984-11-01		7.20
1984-12-01	0.14	7.30
1985-01-01	0.18	7.30
1985-02-01		7.20
1985-03-01	0.20	7.20
1985-04-01		7.30
1985-05-01	0.16	7.20
1985-06-01	0.23	7.40
1985-07-01		7.40
1985-08-01	0.16	7.10
1985-09-01	0.23	7.10
1985-10-01	0.14	7.10
1985-11-01		7
1985-12-01	0.14	7
1986-01-01	0.14	6.70
1986-02-01		7.20
1986-03-01	0.15	7.20
1986-04-01		7.10
1986-05-01	0.16	7.20
1986-06-01	0.13	7.20
1986-07-01		7
1986-08-01	0.21	6.90
1986-09-01	0.13	7
1986-10-01	0.11	7
1986-11-01		6.90
1986-12-01	0.12	6.60
1987-01-01	0.08	6.60
1987-02-01		6.60
1987-03-01	0.16	6.60
1987-04-01		6.30
1987-05-01	0.13	6.30
1987-06-01	0.15	6.20
1987-07-01		6.10
1987-08-01	0.11	6
1987-09-01	0.10	5.90
1987-10-01	0.20	6
1987-11-01		5.80
1987-12-01	0.13	5.70
1988-01-01	0.14	5.70
1988-02-01		5.70
1988-03-01	0.18	5.70
1988-04-01		5.40
1988-05-01	0.10	5.60
1988-06-01	0.12	5.40
1988-07-01		5.40
1988-08-01	0.12	5.60
1988-09-01	0.17	5.40
1988-10-01	0.11	5.40
1988-11-01	0.12	5.30
1988-12-01		5.30
1989-01-01	0.11	5.40
1989-02-01		5.20
1989-03-01	0.12	5
1989-04-01		5.20
1989-05-01	0.15	5.20
1989-06-01	0.14	5.30
1989-07-01		5.20
1989-08-01	0.12	5.20
1989-09-01	0.12	5.30
1989-10-01		5.30
1989-11-01	0.14	5.40
1989-12-01	0.11	5.40
1990-01-01	0.09	5.40
1990-02-01		5.30
1990-03-01	0.11	5.20
1990-04-01		5.40
1990-05-01	0.07	5.40
1990-06-01	0.11	5.20
1990-07-01		5.50
1990-08-01	0.17	5.70
1990-09-01	0.08	5.90
1990-10-01	0.14	5.90
1990-11-01		6.20
1990-12-01	0.11	6.30
1991-01-01	0.19	6.40
1991-02-01		6.60
1991-03-01	0.17	6.80
1991-04-01		6.70
1991-05-01	0.18	6.90
1991-06-01	0.15	6.90
1991-07-01		6.80
1991-08-01	0.20	6.90
1991-09-01	0.11	6.90
1991-10-01	0.19	7
1991-11-01		7
1991-12-01	0.14	7.30
1992-01-01	0.14	7.30
1992-02-01		7.40
1992-03-01	0.15	7.40
1992-04-01		7.40
1992-05-01	0.19	7.60
1992-06-01	0.13	7.80
1992-07-01		7.70
1992-08-01	0.17	7.60
1992-09-01	0.17	7.60
1992-10-01		7.30
1992-11-01	0.09	7.40
1992-12-01	0.07	7.40
1993-01-01	0.22	7.30
1993-02-01		7.10
1993-03-01	0.14	7
1993-04-01		7.10
1993-05-01	0.14	7.10
1993-06-01	0.05	7
1993-07-01		6.90
1993-08-01	0.11	6.80
1993-09-01	0.09	6.70
1993-10-01		6.80
1993-11-01	0.10	6.60
1993-12-01	0.08	6.50
1994-01-01	0.09	6.60
1994-02-01		6.60
1994-03-01	0.09	6.50
1994-04-01		6.40
1994-05-01	0.05	6.10
1994-06-01	0.14	6.10
1994-07-01		6.10
1994-08-01	0.08	6
1994-09-01	0.04	5.90
1994-10-01		5.80
1994-11-01	0.08	5.60
1994-12-01	0.03	5.50
1995-01-01	0.07	5.60
1995-02-01		5.40
1995-03-01	0.11	5.40
1995-04-01		5.80
1995-05-01	0.05	5.60
1995-06-01	0.08	5.60
1995-07-01		5.70
1995-08-01	0.10	5.70
1995-09-01	0.15	5.60
1995-10-01		5.50
1995-11-01	0.11	5.60
1995-12-01	0.06	5.60
1996-01-01	0.05	5.60
1996-02-01		5.50
1996-03-01	0.08	5.50
1996-04-01		5.60
1996-05-01	0.06	5.60
1996-06-01	0.06	5.30
1996-07-01		5.50
1996-08-01	0.04	5.10
1996-09-01	0.06	5.20
1996-10-01	0.14	5.20
1996-11-01		5.40
1996-12-01	0.07	5.40
1997-01-01	0.05	5.30
1997-02-01		5.20
1997-03-01	0.06	5.20
1997-04-01		5.10
1997-05-01	0.06	4.90
1997-06-01	0.07	5
1997-07-01		4.90
1997-08-01	0.06	4.80
1997-09-01	0.08	4.90
1997-10-01	0.06	4.70
1997-11-01		4.60
1997-12-01	0.02	4.70
1998-01-01	0.04	4.60
1998-02-01		4.60
1998-03-01	0.05	4.70
1998-04-01		4.30
1998-05-01	0.05	4.40
1998-06-01	0.06	4.50
1998-07-01		4.50
1998-08-01	0.11	4.50
1998-09-01	0.09	4.60
1998-10-01		4.50
1998-11-01	0.12	4.40
1998-12-01	0.05	4.40
1999-01-01	0.09	4.30
1999-02-01		4.40
1999-03-01	0.07	4.20
1999-04-01		4.30
1999-05-01	0.02	4.20
1999-06-01	0.07	4.30
1999-07-01		4.30
1999-08-01	0.05	4.20
1999-09-01	0.05	4.20
1999-10-01		4.10
1999-11-01	0.05	4.10
1999-12-01	0.03	4
2000-01-01	0.01	4
2000-02-01		4.10
2000-03-01	0.01	4
2000-04-01		3.80
2000-05-01	0.02	4
2000-06-01	0.02	4
2000-07-01		4
2000-08-01	0.06	4.10
2000-09-01	0.06	3.90
2000-10-01		3.90
2000-11-01	0.04	3.90
2000-12-01	0.05	3.90
2001-01-01	0.11	4.20
2001-02-01		4.20
2001-03-01	0.16	4.30
2001-04-01		4.40
2001-05-01	0.14	4.30
2001-06-01	0.13	4.50
2001-07-01		4.60
2001-08-01	0.16	4.90
2001-09-01	0.13	5
2001-10-01	0.20	5.30
2001-11-01	0.16	5.50
2001-12-01		5.70
2002-01-01	0.09	5.70
2002-02-01		5.70
2002-03-01	0.08	5.70
2002-04-01	0.06	5.90
2002-05-01		5.80
2002-06-01	0.05	5.80
2002-07-01	0.06	5.80
2002-08-01		5.70
2002-09-01	0.08	5.70
2002-10-01	0.09	5.70
2002-11-01	0.09	5.90
2002-12-01		6
2003-01-01	0.07	5.80
2003-02-01		5.90
2003-03-01	0.04	5.90
2003-04-01	0.11	6
2003-05-01		6.10
2003-06-01	0.11	6.30
2003-07-01	0.12	6.20
2003-08-01		6.10
2003-09-01	0.13	6.10
2003-10-01	0.07	6
2003-11-01	0.09	5.80
2003-12-01		5.70
2004-01-01	0.06	5.70
2004-02-01		5.60
2004-03-01	0.08	5.80
2004-04-01	0.03	5.60
2004-05-01		5.60
2004-06-01	0.05	5.60
2004-07-01	0.07	5.50
2004-08-01		5.40
2004-09-01	0.05	5.40
2004-10-01	0.04	5.50
2004-11-01		5.40
2004-12-01	0.04	5.40
2005-01-01	0.05	5.30
2005-02-01		5.40
2005-03-01	0.03	5.20
2005-04-01	0.03	5.20
2005-05-01		5.10
2005-06-01	0.02	5
2005-07-01	0.01	5
2005-08-01		4.90
2005-09-01	0.03	5
2005-10-01	0.04	5
2005-11-01	0.02	5
2005-12-01		4.90
2006-01-01	0.02	4.70
2006-02-01		4.80
2006-03-01	0.05	4.70
2006-04-01	0.07	4.70
2006-05-01		4.60
2006-06-01	0.01	4.60
2006-07-01	0.01	4.70
2006-08-01		4.70
2006-09-01	0.02	4.50
2006-10-01	0.04	4.40
2006-11-01	0.03	4.50
2006-12-01		4.40
2007-01-01	0.02	4.60
2007-02-01		4.50
2007-03-01	0.02	4.40
2007-04-01	0.04	4.50
2007-05-01		4.40
2007-06-01	0.05	4.60
2007-07-01	0.02	4.70
2007-08-01		4.60
2007-09-01	0.04	4.70
2007-10-01	0.03	4.70
2007-11-01	0.05	4.70
2007-12-01		5
2008-01-01	0.04	5
2008-02-01		4.90
2008-03-01	0.09	5.10
2008-04-01	0.07	5
2008-05-01		5.40
2008-06-01	0.03	5.60
2008-07-01	0.03	5.80
2008-08-01		6.10
2008-09-01	0.04	6.10
2008-10-01	0.05	6.50
2008-11-01		6.80
2008-12-01	0.14	7.30
2009-01-01	0.18	7.80
2009-02-01		8.30
2009-03-01	0.21	8.70
2009-04-01	0.19	9
2009-05-01		9.40
2009-06-01	0.14	9.50
2009-07-01	0.12	9.50
2009-08-01		9.60
2009-09-01	0.08	9.80
2009-10-01	0.13	10
2009-11-01		9.90
2009-12-01	0.09	9.90
2010-01-01	0.08	9.80
2010-02-01		9.80
2010-03-01	0.10	9.90
2010-04-01	0.04	9.90
2010-05-01		9.60
2010-06-01	0.04	9.40
2010-07-01	0.04	9.40
2010-08-01		9.50
2010-09-01	0.04	9.50
2010-10-01	0.03	9.40
2010-11-01		9.80
2010-12-01	0.03	9.30
2011-01-01	0	9.10
2011-02-01		9
2011-03-01	0.05	9
2011-04-01	0.02	9.10
2011-05-01		9
2011-06-01	0.02	9.10
2011-07-01	0.05	9
2011-08-01		9
2011-09-01	0.07	9
2011-10-01	0.06	8.80
2011-11-01	0.04	8.60
2011-12-01		8.50
2012-01-01	0.02	8.30
2012-02-01	0.02	8.30
2012-03-01		8.20
2012-04-01	0.05	8.20
2012-05-01		8.20
2012-06-01	0.02	8.20
2012-07-01	0.02	8.20
2012-08-01	0.05	8.10
2012-09-01		7.80
2012-10-01	0.06	7.80
2012-11-01	0.04	7.70
2012-12-01		7.90
2013-01-01	0.01	8
2013-02-01		7.70
2013-03-01	0.06	7.50
2013-04-01	0.03	7.60
2013-05-01		7.50
2013-06-01	0.01	7.50
2013-07-01	0.03	7.30
2013-08-01		7.20
2013-09-01	0.05	7.20
2013-10-01	0.04	7.20
2013-11-01		6.90
2013-12-01	0.01	6.70
2014-01-01	0.02	6.60
2014-02-01		6.70
2014-03-01	0.01	6.70
2014-04-01	0.01	6.20
2014-05-01		6.30
2014-06-01	0.01	6.10
2014-07-01	0.01	6.20
2014-08-01		6.10
2014-09-01	0.02	5.90
2014-10-01	0.02	5.70
2014-11-01		5.80
2014-12-01	0.02	5.60
2015-01-01	0.05	5.70
2015-02-01		5.50
2015-03-01	0.05	5.40
2015-04-01	0.10	5.40
2015-05-01		5.60
2015-06-01	0.05	5.30
2015-07-01	0.05	5.20
2015-08-01		5.10
2015-09-01	0.01	5
2015-10-01	0.03	5
2015-11-01		5.10
2015-12-01	0.02	5
2016-01-01	0.04	4.80
2016-02-01		4.90
2016-03-01	0.06	5
2016-04-01	0.04	5.10
2016-05-01		4.80
2016-06-01	0.04	4.90
2016-07-01	0.03	4.80
2016-08-01		4.90
2016-09-01	0.03	5
2016-10-01	0.05	4.90
2016-11-01	0.02	4.70
2016-12-01		4.70
2017-01-01	0.08	4.70
2017-02-01		4.60
2017-03-01	0.05	4.40
2017-04-01	0.03	4.40
2017-05-01	0.04	4.40
2017-06-01		4.30
2017-07-01	0.04	4.30
2017-08-01		4.40
2017-09-01	0.01	4.30
2017-10-01	0	4.20
2017-11-01	0.03	4.20
2017-12-01		4.10
2018-01-01	0.01	4
2018-02-01		4.10
2018-03-01	0.04	4
2018-04-01	0.01	4
2018-05-01	0.01	3.80
2018-06-01		4
2018-07-01	0.01	3.80
2018-08-01		3.80
2018-09-01	0.03	3.70
2018-10-01	0.01	3.80
2018-11-01		3.80
2018-12-01	0.03	3.90
2019-01-01	0.01	4
2019-02-01		3.80
2019-03-01	0.05	3.80
2019-04-01	0.03	3.70
2019-05-01		3.60
2019-06-01	0.03	3.60
2019-07-01	0.01	3.70
2019-08-01		3.60
2019-09-01	0.03	3.50
2019-10-01	0.03	3.60
2019-11-01	0.03	3.60
2019-12-01		3.60
2020-01-01	0.02	3.60
2020-02-01		3.50
2020-03-01	0.04	4.40
2020-04-01	0.23	14.80
2020-05-01	0.21	13.20
2020-06-01		11
2020-07-01	0.22	10.20
2020-08-01		8.40
2020-09-01	0.13	7.80
2020-10-01	0.13	6.90
2020-11-01		6.70
2020-12-01	0.08	6.70
2021-01-01	0.04	6.40
2021-02-01		6.20
2021-03-01	0.06	6.10
2021-04-01	0.04	6.10
2021-05-01		5.80
2021-06-01	0.05	5.90
2021-07-01	0.05	5.40
2021-08-01		5.10
2021-09-01	0.06	4.70
2021-10-01	0.05	4.50
2021-11-01		4.20
2021-12-01	0.01	3.90
2022-01-01	0	4
2022-02-01		3.80
2022-03-01	0	3.70
2022-04-01	0.01	3.70
2022-05-01		3.60
2022-06-01	0.02	3.60
2022-07-01	0.05	3.50
2022-08-01		3.60
2022-09-01	0.06	3.50
2022-10-01	0.06	3.60
2022-11-01	0.13	3.60
2022-12-01		3.50
2023-01-01	0.07	3.50
2023-02-01		3.60
2023-03-01	0.09	3.50
2023-04-01	0.09	3.40
2023-05-01	0.10	3.60
2023-06-01		3.60
2023-07-01	0.10	3.50
2023-08-01		3.70
2023-09-01	0.05	3.80
2023-10-01	0.05	3.90
2023-11-01	0.08	3.70
2023-12-01		3.80
2024-01-01	0.03	3.70
2024-02-01		3.90
2024-03-01	0.03	3.90
2024-04-01	0.04	3.90
2024-05-01	0.01	4
2024-06-01		4.10
2024-07-01	0.04	4.20
2024-08-01		4.20
2024-09-01	0.07	4.10
2024-10-01		4.10
2024-10-23	0.04
2024-11-01		4.20
2024-12-01		4.10
2024-12-04	0.09
2025-01-01		4
2025-01-15	0.05
2025-02-01		4.10
2025-03-01		4.20
2025-03-05	0.09
2025-04-01		4.20
2025-04-23	0.13
2025-05-01		4.20
2025-06-01		4.10
2025-06-04	0.12
2025-07-01		4.20
2025-07-16	0.09
2025-08-01		4.30
2025-09-01		4.40
2025-09-03	0.06
2025-10-01
2025-10-15	0.11
2025-11-01		4.60
2025-11-26	0.14

Return to text

Figure 12: Topics: Foreign/Int'l Hits
Note: Beige Book Foreign/Int'l Hits (based on foreign and international-related terms as a percent of total words) and the U.S. Geopolitical Risk Index. International and foreign-related terms without country names (blue line) include: "international" OR "internationally" OR "exchange rate" OR "foreign" OR "global" OR "globally" OR "europe" OR "european" OR "asia" OR "asian" OR "africa" OR "african" OR "north america" OR "north american" OR "south america" OR "south american" OR "latin america" OR "latin american" OR "middle east" OR "middle eastern". International and foreign-related terms including country names is shown in the green line.
Sources: GPR Index from https://www.matteoiacoviello.com/gpr.htm; Beige Book text from Board of Governors of the Federal Reserve System. Summary of commentary on current economic conditions by Federal Reserve district (Beige Book archive) [Data set]. https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm; authors' calculations.

pub_date	foreignHitPct	foreignCountriesHitPct	GPRC_USA
1970-05-01	0.04	0.06
1970-06-01	0.07	0.09
1970-07-01	0.07	0.12
1970-08-01	0.09	0.11
1970-09-01	0.01	0.05
1970-10-01	0.01	0.05
1970-11-01	0	0
1970-12-01	0.01	0.03
1971-01-01	0.04	0.04
1971-02-01	0	0.02
1971-03-01	0.06	0.07
1971-04-01	0.05	0.06
1971-05-01	0.02	0.04
1971-06-01	0.04	0.13
1971-07-01	0.01	0.05
1971-08-01	0.09	0.11
1971-09-01	0.33	0.40
1971-10-01	0.06	0.09
1971-11-01	0.25	0.25
1971-12-01	0.10	0.15
1972-02-01	0.10	0.12
1972-03-01	0.07	0.07
1972-04-01	0.02	0.04
1972-05-01	0.05	0.13
1972-06-01	0.05	0.11
1972-07-01	0.06	0.13
1972-08-01	0.01	0.06
1972-09-01	0.04	0.14
1972-10-01	0.04	0.09
1972-11-01	0.01	0.08
1972-12-01	0.03	0.07
1973-01-01	0.01	0.03
1973-02-01	0.01	0.05
1973-03-01	0.21	0.25
1973-04-01	0.08	0.09
1973-05-01	0.08	0.10
1973-06-01	0.01	0.01
1973-07-01	0.03	0.09
1973-08-01	0.08	0.10
1973-09-01	0.10	0.14
1973-10-01	0.09	0.17
1973-11-01	0.06	0.10
1973-12-01	0.07	0.09
1974-01-01	0.03	0.03
1974-02-01	0.01	0.04
1974-03-01	0	0
1974-04-01	0.05	0.09
1974-05-01	0.02	0.03
1974-06-01	0.04	0.09
1974-07-01	0.03	0.06
1974-08-01	0.03	0.07
1974-09-01	0.03	0.05
1974-10-01	0.09	0.12
1974-11-01	0.02	0.03
1974-12-01	0.02	0.03
1975-01-01	0.01	0.03
1975-02-01	0.01	0.02
1975-03-01	0.03	0.03
1975-04-01	0.06	0.06
1975-05-01	0.07	0.11
1975-06-01	0	0.01
1975-07-01	0.07	0.08
1975-08-01	0.05	0.06
1975-09-01	0.04	0.07
1975-10-01	0.08	0.12
1975-11-01	0.02	0.03
1975-12-01	0.03	0.07
1976-01-01	0.01	0.01
1976-02-01	0.06	0.08
1976-03-01	0	0.02
1976-04-01	0.01	0.02
1976-05-01	0.02	0.07
1976-06-01	0.04	0.07
1976-07-01	0.02	0.05
1976-08-01	0.02	0.02
1976-09-01	0.02	0.02
1976-10-01	0.04	0.07
1976-11-01	0	0
1976-12-01	0.02	0.04
1977-01-01	0.06	0.09
1977-02-01	0.01	0.06
1977-03-01	0.02	0.06
1977-04-01	0.01	0.02
1977-05-01	0.02	0.04
1977-06-01	0.12	0.12
1977-07-01	0.05	0.06
1977-08-01	0.05	0.08
1977-09-01	0.04	0.06
1977-10-01	0.04	0.14
1977-11-01	0.06	0.11
1977-12-01	0.02	0.03
1978-01-01	0.17	0.26
1978-02-01	0.09	0.14
1978-03-01	0.12	0.25
1978-04-01	0.07	0.08
1978-05-01	0.04	0.07
1978-06-01	0.01	0.02
1978-07-01	0.09	0.11
1978-08-01	0.02	0.10
1978-09-01	0.08	0.09
1978-10-01	0.08	0.10
1978-11-01	0.07	0.10
1978-12-01	0.05	0.07
1979-01-01	0.01	0.02
1979-03-01	0.07	0.13
1979-04-01	0.02	0.04
1979-05-01	0.02	0.05
1979-07-01	0.02	0.04
1979-08-01	0.03	0.04
1979-09-01	0.05	0.06
1979-10-01	0.09	0.11
1979-11-01	0.07	0.09
1980-01-01	0.08	0.10
1980-03-01	0.06	0.11
1980-04-01	0.04	0.06
1980-05-01	0.03	0.05
1980-07-01	0.04	0.08
1980-08-01	0.03	0.04
1980-09-01	0.12	0.13
1980-10-01	0.06	0.11
1980-11-01	0.04	0.07
1980-12-01	0.05	0.10
1981-01-01	0.02	0.04
1981-03-01	0.05	0.05
1981-05-01	0.09	0.13
1981-06-01	0.11	0.15
1981-08-01	0.32	0.36
1981-09-01	0.07	0.09
1981-11-01	0.05	0.05
1981-12-01	0.01	0.01
1982-01-01	0.06	0.10
1982-03-01	0.01	0.02
1982-05-01	0.08	0.10
1982-06-01	0.06	0.06
1982-08-01	0.05	0.05
1982-09-01	0.01	0.01
1982-11-01	0.05	0.08
1982-12-01	0.11	0.12
1983-02-01	0.05	0.07
1983-03-01	0.06	0.09
1983-05-01	0.05	0.06
1983-07-01	0.06	0.08
1983-08-01	0.02	0.06
1983-09-01	0.04	0.10
1983-11-01	0.08	0.11
1983-12-01	0.07	0.09
1984-01-01	0.05	0.09
1984-03-01	0.06	0.11
1984-05-01	0.06	0.11
1984-06-01	0.16	0.19
1984-08-01	0.18	0.24
1984-09-01	0.16	0.20
1984-10-01	0.08	0.13
1984-12-01	0.07	0.11
1985-01-01	0.05	0.09	2.57
1985-02-01			2.86
1985-03-01	0.10	0.17	2.95
1985-04-01			2.00
1985-05-01	0.13	0.25	2.39
1985-06-01	0.05	0.11	3.81
1985-07-01			3.11
1985-08-01	0.08	0.13	1.83
1985-09-01	0.02	0.07	2.49
1985-10-01	0.05	0.12	2.82
1985-11-01			2.43
1985-12-01	0.03	0.10	2.28
1986-01-01	0.08	0.12	3.38
1986-02-01			2.30
1986-03-01	0.12	0.15	2.43
1986-04-01			4.08
1986-05-01	0.08	0.09	2.92
1986-06-01	0.06	0.12	2.33
1986-07-01			2.26
1986-08-01	0.07	0.12	2.52
1986-09-01	0.09	0.20	2.99
1986-10-01	0.08	0.15	2.52
1986-11-01			2.80
1986-12-01	0.12	0.23	2.24
1987-01-01	0.10	0.17	2.42
1987-02-01			2.57
1987-03-01	0.14	0.19	2.28
1987-04-01			2.87
1987-05-01	0.14	0.41	2.52
1987-06-01	0.14	0.31	2.37
1987-07-01			2.53
1987-08-01	0.11	0.17	2.76
1987-09-01	0.14	0.21	3.14
1987-10-01	0.15	0.23	2.59
1987-11-01			2.52
1987-12-01	0.05	0.07	2.95
1988-01-01	0.15	0.20	2.06
1988-02-01			2.15
1988-03-01	0.10	0.12	2.81
1988-04-01			3.09
1988-05-01	0.03	0.12	2.65
1988-06-01	0.06	0.08	1.95
1988-07-01			2.11
1988-08-01	0.06	0.11	2.13
1988-09-01	0.07	0.11	1.93
1988-10-01	0.02	0.06	1.86
1988-11-01	0.05	0.13	1.73
1988-12-01			2.37
1989-01-01	0.13	0.16	2.16
1989-02-01			2.21
1989-03-01	0.06	0.12	1.95
1989-04-01			1.96
1989-05-01	0.01	0.05	2.53
1989-06-01	0.05	0.14	2.16
1989-07-01			1.95
1989-08-01	0.05	0.10	2.73
1989-09-01	0.07	0.11	2.08
1989-10-01			1.66
1989-11-01	0.05	0.14	2.36
1989-12-01	0.06	0.09	2.79
1990-01-01	0.09	0.10	1.92
1990-02-01			1.92
1990-03-01	0.02	0.04	1.60
1990-04-01			1.96
1990-05-01	0.04	0.07	2.11
1990-06-01	0.04	0.09	1.99
1990-07-01			2.00
1990-08-01	0.05	0.09	6.41
1990-09-01	0.14	0.29	4.95
1990-10-01	0.05	0.13	3.60
1990-11-01			4.11
1990-12-01	0.10	0.20	3.98
1991-01-01	0.21	0.34	9.60
1991-02-01			8.50
1991-03-01	0.12	0.21	3.82
1991-04-01			2.41
1991-05-01	0.06	0.14	2.11
1991-06-01	0.10	0.10	2.14
1991-07-01			2.66
1991-08-01	0.14	0.20	2.53
1991-09-01	0.06	0.13	2.71
1991-10-01	0.05	0.11	2.33
1991-11-01			2.30
1991-12-01	0.04	0.10	2.53
1992-01-01	0.06	0.12	2.36
1992-02-01			2.11
1992-03-01	0.03	0.11	1.98
1992-04-01			1.99
1992-05-01	0.04	0.09	1.83
1992-06-01	0.06	0.18	2.21
1992-07-01			1.74
1992-08-01	0.04	0.09	1.82
1992-09-01	0.07	0.10	1.70
1992-10-01			1.48
1992-11-01	0.07	0.14	2.07
1992-12-01	0.10	0.13	1.99
1993-01-01	0.05	0.10	2.84
1993-02-01			1.95
1993-03-01	0.10	0.11	2.16
1993-04-01			2.44
1993-05-01	0.10	0.14	2.51
1993-06-01	0.05	0.11	2.27
1993-07-01			2.62
1993-08-01	0.09	0.16	2.12
1993-09-01	0.07	0.15	1.90
1993-10-01			2.32
1993-11-01	0.14	0.19	1.78
1993-12-01	0.06	0.10	1.72
1994-01-01	0.12	0.17	1.84
1994-02-01			2.65
1994-03-01	0.05	0.09	2.00
1994-04-01			2.18
1994-05-01	0.12	0.20	2.36
1994-06-01	0.10	0.20	2.76
1994-07-01			2.28
1994-08-01	0.10	0.21	2.13
1994-09-01	0.16	0.19	2.32
1994-10-01			2.16
1994-11-01	0.07	0.11	1.92
1994-12-01	0.04	0.06	2.10
1995-01-01	0.09	0.13	1.67
1995-02-01			1.59
1995-03-01	0.12	0.26	1.74
1995-04-01			2.20
1995-05-01	0.09	0.14	1.99
1995-06-01	0.04	0.21	2.13
1995-07-01			2.28
1995-08-01	0.04	0.07	2.38
1995-09-01	0.05	0.10	1.45
1995-10-01			1.38
1995-11-01	0.10	0.21	1.55
1995-12-01	0.06	0.09	1.41
1996-01-01	0.05	0.07	1.47
1996-02-01			1.65
1996-03-01	0.13	0.19	1.72
1996-04-01			1.78
1996-05-01	0.09	0.12	1.32
1996-06-01	0.07	0.12	1.31
1996-07-01			1.60
1996-08-01	0.10	0.13	1.60
1996-09-01	0.02	0.08	2.02
1996-10-01	0.09	0.17	1.07
1996-11-01			1.09
1996-12-01	0.07	0.09	1.51
1997-01-01	0.03	0.05	0.97
1997-02-01			1.05
1997-03-01	0.09	0.10	1.15
1997-04-01			1.30
1997-05-01	0.08	0.13	1.10
1997-06-01	0.04	0.05	0.75
1997-07-01			0.91
1997-08-01	0.01	0.03	1.05
1997-09-01	0.08	0.10	0.86
1997-10-01	0.07	0.12	1.07
1997-11-01			1.49
1997-12-01	0.25	0.29	0.95
1998-01-01	0.44	0.49	1.11
1998-02-01			1.84
1998-03-01	0.47	0.53	1.25
1998-04-01			1.07
1998-05-01	0.32	0.34	1.96
1998-06-01	0.21	0.23	1.58
1998-07-01			1.15
1998-08-01	0.35	0.41	2.23
1998-09-01	0.33	0.35	1.42
1998-10-01			1.23
1998-11-01	0.29	0.35	1.62
1998-12-01	0.20	0.20	1.78
1999-01-01	0.16	0.19	1.32
1999-02-01			1.25
1999-03-01	0.16	0.24	1.93
1999-04-01			2.36
1999-05-01	0.20	0.24	1.85
1999-06-01	0.08	0.09	1.63
1999-07-01			1.24
1999-08-01	0.19	0.24	1.27
1999-09-01	0.09	0.11	1.40
1999-10-01			1.48
1999-11-01	0.07	0.10	1.19
1999-12-01	0.11	0.14	1.83
2000-01-01	0.09	0.10	1.20
2000-02-01			1.23
2000-03-01	0.04	0.08	1.01
2000-04-01			1.03
2000-05-01	0.06	0.09	1.39
2000-06-01	0.06	0.07	1.27
2000-07-01			0.96
2000-08-01	0.09	0.10	0.82
2000-09-01	0.04	0.06	1.10
2000-10-01			1.71
2000-11-01	0.03	0.07	0.95
2000-12-01	0.09	0.10	0.98
2001-01-01	0.09	0.11	1.02
2001-02-01			1.17
2001-03-01	0.05	0.09	1.19
2001-04-01			1.14
2001-05-01	0.06	0.06	1.28
2001-06-01	0.09	0.11	1.51
2001-07-01			1.32
2001-08-01	0.11	0.14	1.35
2001-09-01	0.06	0.08	13.23
2001-10-01	0.04	0.08	13.10
2001-11-01	0.04	0.09	7.89
2001-12-01			6.05
2002-01-01	0.05	0.06	4.23
2002-02-01			3.62
2002-03-01	0.09	0.13	3.86
2002-04-01	0.01	0.03	3.84
2002-05-01			4.09
2002-06-01	0.06	0.11	3.67
2002-07-01	0.01	0.03	2.95
2002-08-01			3.13
2002-09-01	0.06	0.11	4.39
2002-10-01	0.07	0.07	4.16
2002-11-01	0.05	0.07	3.70
2002-12-01			4.33
2003-01-01	0.05	0.13	4.97
2003-02-01			5.82
2003-03-01	0.11	0.18	9.00
2003-04-01	0.13	0.35	6.59
2003-05-01			4.00
2003-06-01	0.05	0.16	3.55
2003-07-01	0.08	0.12	3.41
2003-08-01			3.36
2003-09-01	0.06	0.09	2.82
2003-10-01	0.06	0.14	2.64
2003-11-01	0.07	0.11	2.87
2003-12-01			3.16
2004-01-01	0.10	0.15	2.69
2004-02-01			2.82
2004-03-01	0.12	0.19	3.17
2004-04-01	0.08	0.13	3.55
2004-05-01			2.88
2004-06-01	0.08	0.15	3.36
2004-07-01	0.06	0.09	3.18
2004-08-01			3.45
2004-09-01	0.10	0.17	3.51
2004-10-01	0.06	0.18	2.94
2004-11-01			2.97
2004-12-01	0.08	0.16	2.58
2005-01-01	0.12	0.18	2.46
2005-02-01			2.62
2005-03-01	0.12	0.14	2.12
2005-04-01	0.08	0.11	1.94
2005-05-01			2.28
2005-06-01	0.10	0.14	1.93
2005-07-01	0.03	0.11	3.49
2005-08-01			2.49
2005-09-01	0.06	0.13	2.36
2005-10-01	0.04	0.10	2.01
2005-11-01	0.03	0.09	1.77
2005-12-01			2.13
2006-01-01	0.03	0.12	2.19
2006-02-01			2.23
2006-03-01	0.07	0.15	2.19
2006-04-01	0.03	0.08	2.04
2006-05-01			2.00
2006-06-01	0.04	0.11	2.34
2006-07-01	0.05	0.11	2.98
2006-08-01			3.03
2006-09-01	0.04	0.07	2.48
2006-10-01	0.08	0.13	2.59
2006-11-01	0.03	0.06	1.96
2006-12-01			2.06
2007-01-01	0.05	0.07	2.37
2007-02-01			2.30
2007-03-01	0.08	0.12	1.95
2007-04-01	0.09	0.12	1.77
2007-05-01			1.99
2007-06-01	0.09	0.11	2.18
2007-07-01	0.11	0.21	2.39
2007-08-01			1.94
2007-09-01	0.07	0.10	2.18
2007-10-01	0.08	0.10	2.35
2007-11-01	0.09	0.10	1.95
2007-12-01			2.15
2008-01-01	0.14	0.19	1.84
2008-02-01			1.77
2008-03-01	0.09	0.12	1.63
2008-04-01	0.11	0.14	1.63
2008-05-01			1.62
2008-06-01	0.08	0.08	1.86
2008-07-01	0.10	0.13	2.04
2008-08-01			1.96
2008-09-01	0.08	0.10	2.03
2008-10-01	0.06	0.09	1.38
2008-11-01			1.76
2008-12-01	0.05	0.06	1.92
2009-01-01	0.09	0.09	1.77
2009-02-01			1.58
2009-03-01	0.06	0.06	1.64
2009-04-01	0.04	0.05	2.00
2009-05-01			2.08
2009-06-01	0.07	0.09	1.76
2009-07-01	0.04	0.09	1.93
2009-08-01			1.69
2009-09-01	0.05	0.07	2.20
2009-10-01	0.07	0.08	2.11
2009-11-01			1.74
2009-12-01	0.04	0.04	2.21
2010-01-01	0.07	0.09	2.06
2010-02-01			1.81
2010-03-01	0.04	0.05	1.66
2010-04-01	0.01	0.04	1.97
2010-05-01			2.03
2010-06-01	0.16	0.17	2.12
2010-07-01	0.05	0.07	1.62
2010-08-01			1.73
2010-09-01	0.09	0.12	1.55
2010-10-01	0.08	0.13	1.43
2010-11-01			2.03
2010-12-01	0.11	0.16	2.11
2011-01-01	0.06	0.07	1.53
2011-02-01			1.80
2011-03-01	0.09	0.13	2.94
2011-04-01	0.08	0.27	1.92
2011-05-01			2.30
2011-06-01	0.04	0.23	1.80
2011-07-01	0.08	0.21	1.57
2011-08-01			1.70
2011-09-01	0.08	0.20	1.64
2011-10-01	0.12	0.22	1.53
2011-11-01	0.16	0.31	1.74
2011-12-01			1.83
2012-01-01	0.22	0.27	1.78
2012-02-01	0.14	0.15	1.91
2012-03-01			1.91
2012-04-01	0.13	0.17	1.97
2012-05-01			1.63
2012-06-01	0.22	0.24	1.49
2012-07-01	0.18	0.25	1.70
2012-08-01	0.19	0.23	1.74
2012-09-01			1.57
2012-10-01	0.17	0.18	1.56
2012-11-01	0.12	0.14	1.57
2012-12-01			1.56
2013-01-01	0.12	0.14	1.76
2013-02-01			1.84
2013-03-01	0.08	0.15	1.64
2013-04-01	0.10	0.14	2.22
2013-05-01			1.77
2013-06-01	0.11	0.15	1.86
2013-07-01	0.06	0.10	1.43
2013-08-01			2.06
2013-09-01	0.07	0.12	2.36
2013-10-01	0.11	0.17	1.57
2013-11-01			1.76
2013-12-01	0.03	0.07	1.63
2014-01-01	0.05	0.08	1.70
2014-02-01			1.46
2014-03-01	0.04	0.07	2.70
2014-04-01	0.08	0.12	2.11
2014-05-01			1.80
2014-06-01	0.08	0.11	2.13
2014-07-01	0.07	0.08	2.92
2014-08-01			2.80
2014-09-01	0.04	0.07	2.91
2014-10-01	0.03	0.04	1.77
2014-11-01			1.76
2014-12-01	0.12	0.13	1.78
2015-01-01	0.07	0.13	2.10
2015-02-01			2.42
2015-03-01	0.11	0.12	2.50
2015-04-01	0.07	0.11	2.44
2015-05-01			1.67
2015-06-01	0.07	0.10	1.91
2015-07-01	0.04	0.05	2.45
2015-08-01			1.86
2015-09-01	0.04	0.13	2.29
2015-10-01	0.06	0.14	2.04
2015-11-01			3.17
2015-12-01	0.12	0.18	3.35
2016-01-01	0.09	0.12	2.51
2016-02-01			2.25
2016-03-01	0.13	0.15	2.45
2016-04-01	0.07	0.10	2.01
2016-05-01			1.92
2016-06-01	0.06	0.09	1.77
2016-07-01	0.10	0.13	2.46
2016-08-01			2.15
2016-09-01	0.12	0.13	2.61
2016-10-01	0.11	0.13	2.00
2016-11-01	0.12	0.14	1.92
2016-12-01			2.30
2017-01-01	0.05	0.06	2.57
2017-02-01			3.02
2017-03-01	0.08	0.10	2.14
2017-04-01	0.05	0.06	3.08
2017-05-01	0.07	0.13	2.52
2017-06-01			2.86
2017-07-01	0.09	0.11	2.62
2017-08-01			3.56
2017-09-01	0.07	0.12	2.88
2017-10-01	0.07	0.08	2.10
2017-11-01	0.01	0.04	2.18
2017-12-01			2.00
2018-01-01	0.03	0.06	2.20
2018-02-01			1.59
2018-03-01	0.06	0.08	2.75
2018-04-01	0.04	0.09	3.36
2018-05-01	0.05	0.08	3.32
2018-06-01			2.62
2018-07-01	0.08	0.12	2.69
2018-08-01			2.81
2018-09-01	0.05	0.11	1.82
2018-10-01	0.08	0.14	2.39
2018-11-01			1.95
2018-12-01	0.05	0.11	2.23
2019-01-01	0.06	0.11	2.25
2019-02-01			2.43
2019-03-01	0.08	0.20	1.88
2019-04-01	0.05	0.13	1.94
2019-05-01			2.78
2019-06-01	0.08	0.17	2.87
2019-07-01	0.12	0.23	2.38
2019-08-01			2.75
2019-09-01	0.14	0.22	2.33
2019-10-01	0.11	0.21	2.47
2019-11-01	0.11	0.17	1.74
2019-12-01			1.72
2020-01-01	0.06	0.14	3.62
2020-02-01			1.52
2020-03-01	0.05	0.21	1.71
2020-04-01	0.08	0.17	1.53
2020-05-01	0.05	0.09	1.71
2020-06-01			1.65
2020-07-01	0.04	0.07	1.54
2020-08-01			1.46
2020-09-01	0.02	0.04	1.70
2020-10-01	0.06	0.10	1.66
2020-11-01			1.31
2020-12-01	0.05	0.11	1.44
2021-01-01	0.08	0.09	1.90
2021-02-01			1.58
2021-03-01	0.03	0.04	1.76
2021-04-01	0.05	0.06	1.98
2021-05-01			2.02
2021-06-01	0.03	0.04	1.70
2021-07-01	0.05	0.06	1.25
2021-08-01			2.15
2021-09-01	0.08	0.12	1.92
2021-10-01	0.07	0.11	1.64
2021-11-01			1.86
2021-12-01	0.05	0.06	2.48
2022-01-01	0.05	0.06	3.32
2022-02-01			4.88
2022-03-01	0.02	0.05	6.90
2022-04-01	0.07	0.44	3.97
2022-05-01			3.15
2022-06-01	0.05	0.24	2.88
2022-07-01	0.05	0.10	2.59
2022-08-01			3.13
2022-09-01	0.04	0.09	2.93
2022-10-01	0.06	0.08	3.40
2022-11-01	0.07	0.14	2.70
2022-12-01			2.55
2023-01-01	0.06	0.08	2.41
2023-02-01			2.98
2023-03-01	0.06	0.10	2.62
2023-04-01	0.08	0.12	2.44
2023-05-01	0.04	0.08	2.51
2023-06-01			2.46
2023-07-01	0.07	0.10	2.48
2023-08-01			2.16
2023-09-01	0.08	0.16	2.22
2023-10-01	0.08	0.14	4.42
2023-11-01	0.04	0.08	3.73
2023-12-01			3.42
2024-01-01	0.03	0.09	3.85
2024-02-01			3.40
2024-03-01	0.04	0.17	2.94
2024-04-01	0.07	0.13	4.01
2024-05-01	0.10	0.14	3.11
2024-06-01			2.69
2024-07-01	0.06	0.10	2.09
2024-08-01			3.21
2024-09-01	0.05	0.07	2.97
2024-10-01			3.03
2024-10-23	0.07	0.09
2024-11-01			3.15
2024-12-01			3.29
2024-12-04	0.05	0.08
2025-01-01			2.72
2025-01-15	0.03	0.08
2025-02-01			3.51
2025-03-01			4.40
2025-03-05	0.06	0.09
2025-04-01			3.50
2025-04-23	0.10	0.18
2025-05-01			4.09
2025-06-01			5.59
2025-06-04	0.12	0.16
2025-07-01			3.25
2025-07-16	0.11	0.16
2025-08-01			3.52
2025-09-01			3.20
2025-09-03	0.09	0.13
2025-10-01			3.81
2025-10-15	0.09	0.17
2025-11-26	0.08	0.15

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