Beige Book: economic activity increased modestly since early July

The Board of Governors posted BeigeBook_20260902.pdf. The cover identifies the report as August 2026. The national summary states: “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.”

The same national summary: “Manufacturing activity picked up across most Districts, with some highlighting ongoing strength in demand for defense and data center-related orders.” “Residential construction declined while nonresidential construction increased on balance, with some Districts noting a high concentration of activity related to data center projects.” “Employment rose very slightly overall.” “Prices increased moderately in eight Districts.” “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.”

A note on the national summary: “This report was prepared at the Federal Reserve Bank of Minneapolis based on information collected on or before August 24, 2026. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.” The Minneapolis Fed HTML national-summary page dated September 2, 2026, carries the same note and the same national paragraphs.

The Board’s Beige Book default index, last update September 02, 2026, lists “September 2: HTML | PDF” among 2026 releases. This file is anecdotal District commentary. It is not a Board rate decision. The next FOMC meeting on the Board calendar used in this file is Sept. 15–16.