Business and nonprofit leaders adapting to new economic environment

At a roundtable discussion with business, civic, and nonprofit representatives, a common theme emerged: Policy and economic uncertainty is making it difficult to plan for the future. The discussion was hosted by the Greater Akron Chamber.

Participants shared that this uncertainty is leading to indecision around whether or when to place product orders due to potential tariffs and if grant funding would be forthcoming.

That sentiment echoed reports in the Fourth District’s Beige Book for February 2025. Eight times a year, each of the 12 banks within the Federal Reserve System collects information from contacts throughout their Districts to get a sense of current economic conditions. According to the most recent Cleveland Fed Beige Book entry, contacts reported that “consumer spending was down, and some auto dealers and consumer lenders noted declining consumer confidence related to policy uncertainty and inflation.” The report also pointed to concerns about business conditions due to “uncertainty about trade and energy policy.”¹

The roundtable discussion also touched on the positives of cooperation between public and private entities in Akron and a desire to continue the community’s economic momentum by attracting new mid-size companies to the city.

About President Beth M. Hammack’s Around the District tour

President Hammack is visiting communities across the Fourth District as part of her Around the District tour to meet and connect with the people who live and work in all corners of the region and to gain a better understanding of how the economy is working in different communities. The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. Hammack will use this information to inform her policy views and better represent the Fourth District around the Federal Open Market Committee table.