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Monetary Policy · October 18, 2026 · 2 min read

Fed Beige Book: two districts see moderate growth as oil prices permeate all twelve

By Econ Data Tools Editorial Team

Published October 18, 2026 • Updated October 18, 2026

Reviewed by Instinct source QC

The Federal Reserve's October 14, 2026 Beige Book reports moderate growth in two of twelve districts, slight or modest growth in seven and no significant change in three, with higher oil prices appearing in every district's report.

The Federal Reserve's latest Beige Book, published October 14, 2026, reports that two of the twelve Federal Reserve Districts saw moderate growth in economic activity since the prior report. Three districts reported modest growth, four reported slight growth, and three reported no significant change. Robust, broad-based manufacturing growth led the Dallas District, the strongest reporter. Manufacturing was the relative bright spot: six additional districts reported modest to moderate growth from manufacturing firms, while the remaining five noted little or no manufacturing growth. Other sectors showed little growth overall. Most districts reported little or no change in overall consumer spending. Auto contacts noted flat to modestly lower sales in five of the six districts that reported. Over half of the districts said consumer spending was driven by high-income households, and firms in the Boston, Minneapolis and San Francisco districts noted a decline in sales from Canadian tourists even as overall tourism continued to grow. Labor markets were little changed: three districts described modest employment increases, five slight increases, and four no significant change. Five districts reported that some firms had reduced staffing through attrition, delayed hiring, or anticipated less job creation after raising productivity by investing in AI. Shortages persisted for specialized, technical and skilled-trade workers. Wage growth was moderate in five districts, modest in four and slight in two. Prices firmed: three districts characterized overall price growth as robust, eight as moderate - three of them with intensifying input pressures - and one as modest, while four districts said the pace of price increases picked up from the prior period. Higher oil prices permeated all twelve district reports, with elevated diesel prices and fuel surcharges passing costs through supply chains; contacts also cited continued pressure from other commodities, tariffs and insurance. Most districts maintained a positive outlook for the coming months, but expectations center on slight growth weighted toward manufacturing and burdened by persistent uncertainty around energy and tariffs. The Beige Book gathers anecdotal district reports ahead of the FOMC's next meeting; it informs, but does not set, policy.

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