Beige Book Nowcast Archive
January 2026
The January 2026 report shows improved economic economic conditions, but still only slight growth.
Three districts show reasonable (modest) growth:
- Richmond
- St. Louis
- San Francisco
Only one shows contraction:
- New York
The rest are flat or show slight growth.
Erratic government policies continue to damp growth.
November 2025
The November 2025 report continues to show significant weakness for the sixth period in a row. It ranks 77th of the 84 periods we have analyzed since beginning of 2016. Discounting covid, June 2025 is the worst).
Only three district show economic expansion:
- Richmond
- Boston
- Chicago
- Cleveland
Three show contraction:
- Dallas
- Kansas City
- New York
- Philapelphia
Four are flat.
Dallas is particularly concerning since the district has done well, or very well, for 5 straight years (40 periods).
Tariffs and erratic government policies are likely causes of the poor performance.
October 2025
The October 2025 report shows significant weakness. It ranks 80th of the 83 periods we have analyzed since beginning of 2016. Discounting two covid periods, it is the second worst in our dataset (June 2025 being the worst).
Only three district show economic expansion:
- Richmond
- Boston
- Philadelphia
Three show contraction:
- Kansas city
- Minneapolis
- San Francisco
Six are flat.
Tariffs and erratic government policies are likely causes of the poor performance.
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