Federal Reserve · Thursday, October 15, 2026
Beige Book: oil prices in every district, hiring little changed
The File desk · Oct 15, 2026, 11:00 AM UTC
Status
Confirmed as the Federal Reserve’s Beige Book dated Oct. 14, 2026. It was prepared at the Federal Reserve Bank of Philadelphia from information collected on or before Oct. 5. It is not the views of Federal Reserve officials, and it is not a rate decision.
- Confirmed
Two districts reported moderate growth, three modest growth, four slight growth, and three no significant change.
- Confirmed
On employment, three districts reported modest increases, five slight increases, and four no significant change. The report says labor market conditions were little changed.
- Confirmed
On prices, three districts reported robust increases, eight moderate increases, and one a modest increase. Higher oil prices were in every district report.
The Federal Reserve’s Beige Book, posted Wednesday, Oct. 14, says higher oil prices showed up in every district report and that labor market conditions were little changed. Two districts reported moderate growth, three modest growth, four slight growth, and three no significant change. The report was prepared at the Philadelphia Fed from information collected on or before Oct. 5. It is not a rate decision. The next time the Fed could change rates is still the Oct. 27–28 meeting.
The summary is dated Oct. 14, 2026. The October events page had listed the Beige Book for 2:00 p.m. Eastern that day. The report says it reflects information collected on or before Oct. 5, 2026, and that it is not the views of Federal Reserve officials.
Most districts reported little or no net change in employment. Three reported modest increases, five slight increases, and four no significant change. Overall, the report says, labor market conditions were little changed. In five districts, some firms reduced staffing through attrition, delayed hiring, or anticipated less job creation after increasing productivity by investing in artificial intelligence.
Prices rose at a robust pace in three districts, a moderate pace in eight, and a modest pace in one. Three of the eight moderate districts said input-price pressures were intensifying. Four districts said the pace of price increases picked up. The report says higher oil prices permeated all district reports.
This is a survey of business contacts. It is not the consumer price index, and it is not a vote on interest rates.
What is still unknown or disputed
- The words moderate, modest, and slight are the report’s labels. This desk did not re-score the districts.
- The report does not say how much oil prices rose. That figure is in the consumer price index, not here.
- No transcript of Chairman Warsh’s Thursday night conversation in Bangkok was opened. That talk is after this edition locks, and it is not a rate decision.
Primary sources
Every claim in this story is drawn from the documents below. If a fetch failed, that is recorded on the card.
Source 1
Beige Book, October 14, 2026
Federal Reserve · October 14, 2026
Prepared at the Federal Reserve Bank of Philadelphia from information collected on or before October 5, 2026. This document is not the views of Federal Reserve officials. Higher oil prices permeated all District reports. Overall, labor market conditions were little changed.
https://www.federalreserve.gov/monetarypolicy/beigebook202610-summary.htm