Beige Book September 2026: Federal Reserve Report
Beige Book released , as the Board lists it. This page links the Board’s files and copies the Board’s own text.
About the series
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.
The Board’s description of Summary of Commentary on Current Economic Conditions by Federal Reserve District. Copied from Board of Governors of the Federal Reserve System. Retrieved 2026-10-05.
National summary
Section heading on the Board’s page: Overall Economic Activity
Economic activity increased modestly since early July. Ten of the twelve Federal Reserve Districts reported growth in the slight to moderate range; two Districts reported no change. Consumer spending grew slightly on balance; reports reflected both heightened price sensitivity on the one hand and solid high-end purchases on the other. Auto sales were mostly subdued, dampened by downbeat consumer confidence, high fuel prices, and rising financing costs. Tourism activity increased. Notably, airlines reported strong demand despite higher airfares. Manufacturing activity picked up across most Districts, with some highlighting ongoing strength in demand for defense and data center-related orders. Services firms reported slight to modest increases in activity. Financial conditions improved slightly as loan volumes remained solid or increased across most Districts. Residential construction declined while nonresidential construction increased on balance, with some Districts noting a high concentration of activity related to data center projects. Agriculture conditions saw slight improvement but generally remained strained; the livestock sector was strong while conditions were stressed among crop producers. The general outlook for the coming months was positive, but sentiment was mixed across sectors, with contacts reporting heightened uncertainty surrounding the effects of higher energy prices, policy, and international conflict.
Copied from the Board’s page, https://www.federalreserve.gov/monetarypolicy/beigebook202608-summary.htm. Retrieved 2026-10-05. Not paraphrased. District reports are in the Board’s PDF; this paper does not summarize them.