Dispatches from the Global Economy

The Planet Money’s The Indicator podcast introduced me to the Beige Book a few years ago. If you haven’t heard of it, it’s this collection of “anecdotal information on current economic conditions”, basically raw, unfiltered snippets from conversations that Federal Reserve officials have with businesses across the United States. I guess it’s the vibes report for businesses? NPR gives out the “Beigie Award”, highlighting quirky, surprising and curious anecdotes that they find reading it the eight times it comes out annually.

I’m not an economist but I do find these anecdotes really cool sometimes. I did qualitative research earlier on in my career and I really enjoyed digging deeper than the numbers and finding the real human thought process behind decisions and perspectives.

Last night, I was wondering if any other countries publish these raw anecdotes. I knew that Canada doesn’t (my original thought), because all they publish is a very general Business Outlook Survey with no fun anecdotes to be found.

I found a large handful that held my interest. Below are some of my highlights.

Japan #

A store dedicated to a popular anime franchise opened inside the shopping center and has been drawing large crowds day after day, showing that spending on hobbies remains strong. - Regional Economic Report (Sakura Report), July 2026, p. 34 (Japanese version)

Sales of currently fashionable stickers have increased, among other signs that consumers, particularly younger people, remain willing to spend freely on their hobbies. - Regional Economic Report (Sakura Report), July 2026, p. 14 (Japanese version)

With business booming on the back of robust AI-related demand, the company is seeking to attract talent from major urban centers. It has not only granted a substantial across-the-board increase in base pay, but also raised annual bonuses to the equivalent of ten months’ pay. - Regional Economic Report (Sakura Report), July 2026, p. 6 (Japanese version)

As consumers become increasingly cost-conscious, sales of gardening supplies are rising as people grow vegetables and other produce at home. At the same time, consumers are increasingly switching to lower-priced discount stores for food and everyday necessities. - Regional Economic Report (Sakura Report), July 2026, p. 34 (Japanese version)

Sales of sweet bakery products and desserts whose prices have been raised are declining as consumers become more budget-conscious. Even measures intended to encourage customers to add extra items to their purchases have failed to increase the number of items bought per transaction. - Regional Economic Report (Sakura Report), July 2026, p. 6 (Japanese version)

Norway #

Some consultancy firms also report that the emergence of artificial intelligence is reducing customers’ need for their services. - Regional Network, 2/2026, p. 5 (English version)

Contacts in the seafood industry report higher aquaculture output, while lower quotas are dampening activity in both fisheries and the fish processing industry. - Regional Network, 2/2026, p. 5 (English version)

A low number of new-builds, both commercial and residential, continues to dampen construction sector growth. Contacts report that a pickup in residential construction is continually being postponed. They mainly point to higher interest rates and expectations of a further rise in building costs. - Regional Network, 2/2026, p. 5 (English version)

United Kingdom #

Visitor attractions report that customers are leaving it very late to book, with proportionally more on-the-day footfall than usual. Similarly, travellers are booking holidays later than usual as they wait to see what happens in the ME. As such, it is difficult to get a clear view of summer bookings, but indications are they may be slightly weaker. - Agents’ summary of business conditions - July 2026

The scale of realised productivity gains varies considerably across firms and activities. Outcomes depend on how effectively AI is implemented, staff capabilities, and the extent of human oversight required. Change management and targeted training can help firms overcome initial implementation challenges and improve adoption. At the same time, the low cost of generating large volumes of AI-generated content is creating wider economic frictions. These include poor-quality or inaccurate outputs, so called ‘AI slop’, inauthentic job applications, and increased volumes of requests and complaints, which can impose additional costs on firms and other organisations. - Agents’ summary of business conditions - July 2026, Box A

[In relation to AI,] in some sectors, particularly professional services, firms are moving away from charging based on staff time towards fixed-fee, outcome-based or value-based pricing structures. - Agents’ summary of business conditions - July 2026, Box A

Sweden #

However, several emphasise that households remain price-conscious and are opting for low-price products to a greater extent: “Now you’re starting to get a little more in your wallet. But you don’t want to start going back to the more expensive option. You still want to get more for your money.” Consumption has increased but without any real momentum: “It’s not at all like it was in 2022, the year of spend, spend, spend! It feels a little more restrained.” - The Riksbank’s Business Survey - May 2026, p. 7 (English version)

Switzerland #

Management consulting is seeing solid demand in the audit business, partly due to new regulatory requirements. However, consulting related to corporate takeovers, strategy, and legal matters is under pressure. The consulting business is undergoing a profound transformation because of AI. On the one hand, consulting firms are making large investments in their own infrastructure. On the other hand, some clients are using AI tools themselves for less complex matters and foregoing the support of external consultants. - Business cycle signals, 2/2026 (SNB regional network), p. 32 (English version)

The construction sector reports robust business activity. Companies are receiving more orders for residential construction, from both private and institutional clients. Companies operating in conversions and renovations are seeing additional demand as projects are being brought forward because of the planned abolition of the imputed rental value. ¹ The public sector is also continuing to invest in infrastructure development. The development of demand from manufacturing, on the other hand, is fairly muted. - Business cycle signals, 2/2026 (SNB regional network), p. 32 (English version)

Australia #

Consistent with a fairly tight labour market, a number of universities have flagged an ongoing shift in domestic student enrolments towards part-time study as students engage in more paid employment. International student enrolments remain generally positive but are expected to soften in the year ahead. Factors cited for this softening include increased competition from other countries, high fees and charges, and tighter student visa policy settings. A range of contacts in industries such as retail and hospitality have noted that restrictions on international students have affected labour availability. - Statement on Monetary Policy, May 2026, Box A: Insights from Liaison

Lifting productivity continues to be a key motivation for firms exploring artificial intelligence (AI) tools, although adoption varies widely and many are still in early stages of experimentation. A growing number of firms report plans to leverage AI to use staff resources more effectively, noting that the likelihood and timing of any future employment changes remain uncertain. Few firms have reported making actual adjustments to their headcount to date. - Statement on Monetary Policy, May 2026, Box A: Insights from Liaison

Eurozone #

Growth in consumer spending was reportedly modest. Food retailers said that higher fuel prices in the second quarter left less money for spending on other items and reinforced the tendency for consumers to shift away from branded products to private labels. In clothing retail, demand in the mid-price range was falling, while unbranded, luxury and outlet sales continued to grow. In consumer electronics, demand for mid-sized products was benefiting from a recovery cycle (as items purchased during the pandemic needed replacing). - Main findings from the ECB’s recent contacts with non-financial companies

Prices for petrochemicals, for example, had increased by 20-30%. In upstream (intermediate and capital goods) manufacturing, the pass-through from costs to prices was relatively swift. This was because some firms reacted by adjusting prices more frequently than usual while others (having learned from the inflation surge induced by the pandemic and Russia’s invasion of Ukraine) had introduced clauses into contracts providing for automatic pass-through of material, energy and logistics costs. - Main findings from the ECB’s recent contacts with non-financial companies

Thailand #

Demand for premium rubber gloves grew strongly, while demand for mass-produced gloves slowed and competition intensified. Natural-rubber gloves accounted for a growing share of orders because synthetic-latex input prices rose along with oil prices. - Business Outlook Report, Q2 2026, p. 21 (Thai version)

Motorcycle demand rose temporarily, partly because weaker consumer purchasing power led buyers to turn to motorcycles, which are more affordable and cheaper than cars - Business Outlook Report, Q2 2026, p. 16 (Thai version)

Pet-food businesses grew on the strength of foreign demand, particularly for premium or specialized products, such as food formulated for pets with health conditions. - Business Outlook Report, Q2 2026, p. 16 (Thai version)

Sources #

There is a Database of Central Bank Business Surveys maintained by the Atlanta Fed.