Federal Reserve district · BOS

Boston

Expanded slightly; tourism up, retail and home sales softer; outlook dimmed. (October 2026)

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Edition	Score	Outlook	In brief
October 2026	+1.0	−0.5	Expanded slightly; tourism up, retail and home sales softer; outlook dimmed.
August 2026	+1.0	−0.5	Grew slightly; Boston spending strong; outlook more pessimistic on inflation.
July 2026	+1.0	+1.0	Expanded slightly; World Cup lifted spending; outlook improved on balance.
May 2026	+1.0	0.0	Activity grew slightly; the outlook was mixed
April 2026	−1.0	+0.5	Declined slightly; home sales slowed further.
February 2026	0.0	+0.5	Flat on balance; outlook improved as uncertainty eased.
January 2026	+1.0	+0.5	Edged up; outlook improved with less tariff caution.
November 2025	+1.0	+0.5	Expanded slightly on strong home sales; cautiously optimistic.
October 2025	+1.0	+0.5	Expanded slightly; outlook neutral to cautiously optimistic.
August 2025	+1.0	–	Grew slightly; AI-related manufacturing strong, CRE pessimistic.
July 2025	0.0	+1.0	Flat or up slightly; guardedly optimistic outlook.
May 2025	−1.0	0.0	Decreased slightly; retail and restaurant sales slowed modestly.
April 2025	+1.0	−1.0	Increased slightly; outlook more pessimistic on tariff concerns.
February 2025	+1.0	+1.0	Increased slowly, boosted by a surge in home sales.
January 2025	+1.0	+1.0	Increased slightly; tourism and home sales up modestly, otherwise flat.
November 2024	−0.5	+0.5	Down a bit.
October 2024	0.0	+0.5	Roughly flat.
August 2024	+0.5	0.0	Increased modestly.
July 2024	+0.5	0.0	Rose modestly.
May 2024	0.0	0.0	About flat.
April 2024	+0.5	+0.5	Expanded at a modest pace.
February 2024	+0.5	+0.5	Increased at a slow pace.
January 2024	−0.5	+0.5	Down slightly.
November 2023	−0.5	0.0	Flat or down slightly.
October 2023	+0.5	0.0	Expanded slightly.
August 2023	+0.5	+0.5	Expanded modestly.
June 2023	+0.5	+0.5	Expanded at a slight pace.
May 2023	0.0	+0.5	About flat.
April 2023	0.0	−0.5	Roughly even.
February 2023	+0.5	0.0	Increased slightly.
January 2023	0.0	0.0	Roughly flat.
November 2022	0.0	−0.5	Softened slightly.
October 2022	+0.5	−1.0	Up slightly.
August 2022	+0.5	0.0	Expanded at a modest pace.
July 2022	+0.5	−0.5	Expanded at a modest pace.
May 2022	+0.5	0.0	Increased slightly.
April 2022	+0.5	+0.5	Expanded at a modest pace.
February 2022	+0.5	+1.0	Expanded at a slight to modest pace.
January 2022	+0.5	+0.5	Steady or up slightly; mixed.
November 2021	+0.5	+1.0	Expanded at a modest pace, results mixed.
October 2021	+1.0	+0.5	Expanded at a modest to moderate pace.
August 2021	+1.0	+1.0	Expanded at a modest to strong pace.
July 2021	+1.0	+1.0	Solid increases in demand.
May 2021	+1.0	+1.0	Expanded at a moderate pace.
April 2021	+1.0	+1.0	Expanded at a modest to moderate pace.
February 2021	+1.0	+1.0	Mixed; strong manufacturing, weak hospitality.
January 2021	+1.0	+1.0	Growth continued; home buying in a frenzy.
November 2020	+0.5	+0.5	Continued to expand.
October 2020	+0.5	+0.5	Continued to improve.
August 2020	+0.5	0.0	Continued to pick up modestly.
July 2020	+0.5	0.0	Generally improved.
May 2020	−1.5	−1.0	Continued to decline.
April 2020	−1.5	−1.5	Slowed markedly.
February 2020	+0.5	+0.5	Continued expanding.
January 2020	+1.0	+1.0	Modest to moderate pace; IT strong.
November 2019	+1.0	+1.0	Modest to moderate pace; outlooks improved.
October 2019	−0.5	−0.5	Signs of slowing more widespread.
August 2019	+0.5	+0.5	Modest pace; some manufacturers declined.
July 2019	+0.5	+0.5	Expanded at a modest rate.
May 2019	+0.5	+0.5	Modest-to-moderate pace; manufacturers saw declines.
April 2019	+0.5	+0.5	Modest to moderate growth; manufacturing slowing.
February 2019	0.0	+0.5	Mixed conditions; retail up, semiconductors slowed sharply.
January 2019	+0.5	+0.5	Expanded modestly to moderately.
November 2018	+1.0	+0.5	Expanded at a moderate pace.
October 2018	+1.0	+0.5	Expanded at a moderate to strong pace.
August 2018	+1.0	+0.5	Expanded at a moderate pace.
July 2018	+1.0	+0.5	Expanded at a moderate pace.
May 2018	+1.0	+0.5	Expanded at a moderate pace.
April 2018	+1.0	+0.5	Expanded at a moderate pace.
February 2018	+1.0	+0.5	Expanded at a moderate pace.
January 2018	+0.5	+0.5	Expanded modestly.
November 2017	+0.5	+0.5	Modest to moderate pace.
October 2017	+0.5	+0.5	Modest to moderate expansion.
August 2017	+0.5	+0.5	Expanded modestly to moderately.
June 2017	+0.5	+0.5	Expanded at a modest pace.
May 2017	+0.5	+0.5	Growth modest, slightly less positive.
April 2017	+0.5	+0.5	Expanded modestly.
February 2017	+0.5	+1.0	Modest to moderate increases.
January 2017	+0.8	+1.0	Modest to moderate pace.
November 2016	+1.0	+1.0	Ongoing moderate growth.
October 2016	+0.5	+0.5	Modest to moderate pace.
August 2016	+0.5	+0.5	Continues to increase.
July 2016	+0.5	+0.5	Modest gains on balance.
May 2016	+1.0	+0.5	Generally improving conditions.
April 2016	+0.5	+0.5	Rising sales and revenues.
February 2016	+0.5	+0.5	Mixed month-to-month results.
January 2016	+0.5	+1.0	Generally upbeat.
November 2015	+0.5	0.0	Somewhat slower pace.
October 2015	+0.5	+0.5	Activity continues to increase.
August 2015	+1.0	+0.5	Moderate growth.
July 2015	+0.5	+0.5	Stable or improving.
May 2015	0.0	+0.5	Mixed conditions.
April 2015	+1.0	+0.5	Continues to expand.
February 2015	+1.0	+1.0	Fairly upbeat.
January 2015	+1.0	+1.0	Sales ahead of year-earlier levels.
November 2014	+1.0	+1.0	Activity is generally increasing.
October 2014	0.0	+0.5	Mixed picture.
August 2014	+0.5	+1.0	Appears to be improving.
July 2014	+0.5	+0.5	Slow economic growth overall.
May 2014	+1.0	+1.0	Continues to increase.
April 2014	+1.0	+0.5	Continues to expand moderately.
February 2014	+0.5	+0.5	Modest increases in revenues.
January 2014	+0.5	+0.5	Continues to expand modestly.
November 2013	+0.5	+0.5	Continues to expand.
October 2013	+1.0	+0.5	Continues to grow at varying pace.
August 2013	+0.5	+0.5	Continues to expand modestly.
July 2013	+1.0	+0.5	Expand at a moderate pace.
May 2013	+0.5	+0.5	Increases; software slowing.
April 2013	+0.5	+0.5	Continues to expand modestly.
February 2013	+0.5	+0.5	Continues to expand slowly.
January 2013	+0.5	0.0	Continues to grow modestly.
November 2012	0.0	−0.5	Growth somewhat slower.
September 2012	+0.5	0.0	Expanding at a modest pace.
August 2012	0.0	−0.5	Mixed reports; some slowdown.
July 2012	+1.0	−0.5	Expanding at a moderate pace amid uncertainty.
May 2012	+1.0	0.0	Continues to expand with steady growth.
April 2012	+1.0	+0.5	Continues to expand at a moderate pace.
February 2012	+1.0	+0.5	Continues to expand; contacts upbeat.
December 2011	+0.5	0.0	Modest revenue growth; cautious mood.
November 2011	+0.5	+0.5	Optimistic software and retail contacts.
October 2011	+0.5	−0.5	Demand growth but toned-down outlooks.
August 2011	0.0	−0.5	Mixed results; outlook increasingly uncertain.
July 2011	+0.5	0.0	Continues to increase; results more mixed.
May 2011	+1.0	+0.5	Improving conditions; manufacturers strongest.
April 2011	+0.5	+0.5	Expanded in most sectors; retail mixed.
February 2011	+1.0	+1.0	Improving economic conditions.
January 2011	+1.0	+0.5	Conditions continue to improve.
November 2010	+0.5	+1.0	Continues to expand gradually.
October 2010	+0.5	+0.5	Continues to exceed year-earlier levels.
August 2010	+0.5	0.0	Positive on average.
July 2010	+0.5	0.0	Continues to expand with some choppiness.
May 2010	+0.5	+0.5	Stable to increasing activity.
April 2010	+0.5	+0.5	Continue to improve.
February 2010	+0.5	+0.5	Continues to show improvement.
January 2010	+0.5	+0.5	Picked up in recent months.
November 2009	+0.5	+0.5	Mixed with signs of improvement; recovery expected in 2010.
October 2009	0.0	+0.5	Slow, with signs of improvement; slow recovery expected in 2010.
August 2009	0.0	+0.5	Recent signs of improvement.
July 2009	−0.5	0.0	Slow; retailers think they are past the bottom.
June 2009	−1.0	0.0	Ongoing declines; biopharma an exception.
April 2009	−1.0	−0.5	Continues to slow; non-auto retail better than expected.
February 2009	−1.5	−1.5	Continues to slow; staffing revenue down 20-50 percent.
January 2009	−1.5	−1.5	Continued to slow; business services more upbeat.
November 2008	−1.5	−1.5	Slowed further; temp firms saw marked falloff.
October 2008	−1.5	−1.5	Softened; deteriorated sharply in September in some cases.
August 2008	−0.5	–	Little further deterioration; software and IT sales rising.
July 2008	−1.0	–	Slowing; commercial real estate sentiment 'decidedly morose'.
June 2008	−0.5	–	Softening; machinery orders have fallen off a cliff.
April 2008	0.0	−0.5	Mixed; contacts concerned about near-term outlook; tourism robust.
February 2008	0.0	–	Revenues mostly as in recent reports, but downside risks more prominent.
January 2008	0.0	0.0	Mixed results; considerable uncertainty.
November 2007	0.0	0.0	Revenue gains, rising caution.
October 2007	0.0	0.0	Conditions continue to be mixed.
August 2007	0.0	0.0	Similar results; increased uncertainty.
July 2007	0.0	0.0	Varied reports; mixed results.
June 2007	+0.5	+0.5	Generally positive, except retail and tourism.
April 2007	0.0	0.0	Varied reports; mixed results.
February 2007	−0.5	−0.5	Some softening since last report.
January 2007	0.0	0.0	Mixed results late 2006.
November 2006	+1.0	+1.0	Upbeat; retail softening.
October 2006	+0.5	+0.5	Somewhat mixed.
August 2006	+0.5	+0.5	Mixed but still largely positive.
July 2006	+0.5	+0.5	Many segments continue to grow.
June 2006	+1.0	+1.0	Continues to expand.
April 2006	+1.0	+1.0	Business activity continues to increase.
March 2006	+0.5	+0.5	Generally positive with soft spots.
January 2006	+1.0	+1.0	Continues to expand; manufacturers ended 2005 with momentum.
November 2005	+0.5	+0.5	Expanding; growth varies by sector.
October 2005	+0.5	+0.5	Growth continued; retail slowed late.
August 2005	0.0	0.0	Mixed; consumer goods makers weaker.
July 2005	+0.5	+0.5	Retail flat or down; manufacturing up.
June 2005	+0.5	+0.5	Continued growth, some sectors lagging.
April 2005	+1.0	+1.0	Activity continues to expand.
February 2005	+1.0	+1.0	Continues to grow.
January 2005	+1.0	+1.0	Fairly upbeat.
November 2004	+1.0	+1.0	Continues to expand.
October 2004	+1.0	+0.5	Continues to expand.
September 2004	+1.0	+1.0	Economic activity is increasing.
July 2004	+0.5	+0.5	Somewhat more mixed.
June 2004	+1.0	+1.0	Continues to gain strength.
April 2004	+1.0	+1.0	Gaining momentum.
February 2004	+1.0	+1.0	Continued to improve.
January 2004	+0.5	+1.0	Appears to be improving.
November 2003	+0.5	+1.0	Improving conditions.
October 2003	−0.5	0.0	Largely stagnant.
July 2003	0.0	+0.5	Somewhat more upbeat.
June 2003	−0.5	−0.5	Remains stalled.
April 2003	−0.5	−0.5	Lacks forward momentum.
February 2003	−0.5	−0.5	Few signs of improvement.
January 2003	−0.5	+0.5	Remains soft.
November 2002	0.0	+0.5	The economy remains slow.
October 2002	0.0	−0.5	The economy remains soft in New England.
September 2002	0.0	−0.5	Economy moving sideways, on net.
July 2002	0.0	−0.5	Economy going through a 'bumpy' period.
June 2002	+1.0	+0.5	Economic conditions are improving.
April 2002	0.0	0.0	Economic activity is mixed.
February 2002	+1.0	+0.5	Business conditions are improving.
January 2002	−1.0	0.0	Remains slow but some brighter spots visible.
November 2001	−1.0	−0.5	Sales below year-earlier; great uncertainty on recovery timing.
October 2001	−1.0	−1.0	Activity below year-earlier; few expect improvement before 2H 2002.
September 2001	−1.0	−1.0	Continues to be slow; 'bleak' outlook.
July 2001	−1.0	−0.5	Economy continues to slow.
June 2001	−1.0	−1.0	Decidedly more pessimistic tone.
April 2001	0.0	−0.5	Economic activity is slowing.
February 2001	+1.0	−0.5	Slowing but growth continues.
January 2001	0.0	−0.5	Growth slowing; view 2001 with caution.
November 2000	+1.0	−0.5	Continues to grow; more caution.
October 2000	+1.0	+0.5	Expanding moderately; signs of slowing.
September 2000	+1.0	–	Remains strong despite scattered slowing.
July 2000	+1.0	−0.5	Growth slowing somewhat.
June 2000	+1.0	+0.5	Activity continues at a high level.
April 2000	+1.0	+0.5	Business contacts remain upbeat.
February 2000	+1.0	+0.5	Economic activity continues to expand.
January 2000	+1.0	+1.0	Reports continue to be quite positive.
November 1999	+1.0	+0.5	Continues to expand at a moderate pace.
October 1999	+2.0	+0.5	Expanding at a vigorous pace.
September 1999	+1.0	0.0	Expanding moderately; outlook more cautious.
August 1999	+1.0	+0.5	Economic activity continues its expansion.
June 1999	+1.0	+0.5	Economy continues to expand.
April 1999	+1.0	+0.5	Activity increased moderately.
March 1999	+1.0	+0.5	Economic activity continues to expand.
January 1999	+1.0	–	Real estate strong; manufacturers expect gains.
November 1998	+1.0	−0.5	Expanding, but slower than first half.
October 1998	0.0	−1.0	Economic conditions increasingly mixed.
September 1998	+1.0	−0.5	Growing; more uncertainty about 1999.
July 1998	+1.0	+0.5	Mixed, although growth continues overall.
June 1998	+1.0	+0.5	Economy continues to expand.
April 1998	+1.0	+1.0	Economy remains strong, except Asia-related business.
March 1998	+1.0	–	Economy continues to expand; retail picked up.
January 1998	+1.0	+1.0	Economy is strong; sales up, prices stable.
November 1997	+1.0	0.0	Expanding at a moderate pace; sustainability questioned.
October 1997	+1.0	+0.5	Moderate growth; aircraft parts and networking strong.
September 1997	+1.0	+0.5	Continues to expand steadily.
July 1997	+1.0	+0.5	Expanding at a moderate pace; prices little changed.
June 1997	+1.0	+0.5	Sales growing; many firms adding staff.
April 1997	+1.0	+0.5	Solid growth continues; retailers raising prices.
March 1997	+1.0	+0.5	Fairly upbeat; manufacturers' sales 8 to 20 percent ahead.
January 1997	+1.0	+0.5	Expanding at a moderate pace; modest retail growth expected.