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The Beige Book - June 2026
Economic activity expanded slightly, representing an improvement from the previous report. Despite high gas prices, consumer spending excluding autos edged up, and auto sales rose moderately. Manufacturing activity increased slightly, with one firm reporting historically high demand. Nonfinancial services firms reported an uptick in revenues, activity among banks and other financial institutions was unchanged, and real estate activity eased slightly. Employment was roughly flat, and wages showed small gains. Output prices edged higher, and cost pressures remained elevated, mostly related to the Middle East conflict. Perceived uncertainty remained elevated but, on balance, did not increase. The outlook was mixed, as consumer-facing businesses reported decreased confidence, while business-facing firms became more optimistic.
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