Sector prospects from the Fed’s regional reportsLatest: October 2026 edition · released Oct 14, 2026
EconomyxAIBeige Book Sector Monitor
Federal Reserve district · CHI

Chicago

Flat on balance; manufacturing up modestly, construction and business spending down. (October 2026)

Overall read, every edition

−2.0−1.00+1.0+2.02000200420082012201620202024

By edition

EditionScoreOutlookIn brief
October 2026 0.0 +0.5 Flat on balance; manufacturing up modestly, construction and business spending down.
August 2026 +1.0 +1.0 Increased slightly; manufacturing up, business spending down slightly.
July 2026 +1.0 +1.0 Increased modestly; manufacturing demand rose moderately; slight growth expected.
May 2026 +1.0 0.0 Activity increased slightly; little change expected in the coming year
April 2026 +1.0 0.0 Increased slightly; no change expected next year.
February 2026 +1.0 +0.5 Increased slightly; slight increase expected next year.
January 2026 0.0 −0.5 Little changed; slight decline expected over the next year.
November 2025 +1.0 −1.0 Rose slightly; slight decline expected over the next year.
October 2025 0.0 −1.0 Flat; slight decrease expected over the next year.
August 2025 +1.0 – Increased modestly; consumer spending up moderately.
July 2025 +1.0 −1.0 Increased slightly; slight decline expected next year.
May 2025 +1.0 −1.0 Increased slightly; consumers up modestly, slight decline expected next year.
April 2025 0.0 −1.0 Little changed; contacts expect a slight decrease next year.
February 2025 0.0 +1.0 Little changed; construction and manufacturing down slightly.
January 2025 +1.0 +1.0 Increased slightly; consumer up, manufacturing and business spending down.
November 2024 +0.5 +0.5 Up slightly.
October 2024 +0.5 0.0 Increased slightly.
August 2024 +0.5 0.0 Increased slightly.
July 2024 +0.5 0.0 Increased slightly.
May 2024 +0.5 0.0 Increased slightly.
April 2024 +0.5 0.0 Increased slightly.
February 2024 +0.5 +0.5 Increased modestly.
January 2024 +0.5 −0.5 Up modestly.
November 2023 +0.5 −0.5 Up slightly.
October 2023 +0.5 −0.5 Up modestly.
August 2023 +0.5 −0.5 Increased slightly.
June 2023 0.0 −0.5 Little changed.
May 2023 0.0 −0.5 Little changed.
April 2023 0.0 −0.5 Little changed.
February 2023 +0.5 0.0 Increased modestly.
January 2023 −0.5 −0.5 Decreased slightly.
November 2022 0.0 −0.5 Little changed.
October 2022 0.0 −0.5 Little changed.
August 2022 −0.5 −0.5 Decreased modestly.
July 2022 +0.5 −0.5 Increased slightly.
May 2022 +0.5 0.0 Increased modestly.
April 2022 +1.0 +0.5 Increased moderately.
February 2022 +1.0 +1.0 Increased moderately.
January 2022 +0.5 +0.5 Increased modestly.
November 2021 +1.0 +1.0 Increased moderately.
October 2021 +0.5 +0.5 Increased modestly.
August 2021 +1.0 +1.0 Increased moderately.
July 2021 +1.0 +1.5 Increased moderately, limited by supply.
May 2021 +1.0 +1.5 Increased moderately.
April 2021 +1.0 +1.0 Increased moderately.
February 2021 +0.5 +0.5 Increased modestly.
January 2021 +0.5 +0.5 Modest growth; heavy trucks strong.
November 2020 +1.0 +0.5 Increased moderately.
October 2020 +1.5 +0.5 Increased robustly.
August 2020 +1.5 +0.5 Increased strongly.
July 2020 +1.5 +0.5 Increased strongly.
May 2020 −2.0 −1.5 Declined sharply.
April 2020 −1.5 −1.5 Declined sharply in some industries.
February 2020 +0.5 +0.5 Increased modestly.
January 2020 +0.5 +0.5 Increased modestly.
November 2019 +0.5 +0.5 Increased slightly.
October 2019 +0.5 +0.5 Increased slightly.
August 2019 +0.5 +0.5 Increased slightly.
July 2019 0.0 +0.5 Little changed.
May 2019 +0.5 +0.5 Increased slightly.
April 2019 +0.5 +0.5 Increased slightly.
February 2019 +0.5 +0.5 Slight growth; consumer spending fell modestly.
January 2019 +0.5 +0.5 Grew at a modest pace.
November 2018 +0.5 +0.5 Grew at a modest pace.
October 2018 +0.5 +0.5 Slowed to a modest pace.
August 2018 +1.0 +0.5 Picked up to a moderate pace.
July 2018 +0.5 +1.0 Slowed to a modest pace.
May 2018 +1.0 +0.5 Remained at a moderate pace.
April 2018 +1.0 +0.5 Continued at a moderate pace.
February 2018 +1.0 +0.5 Remained at a moderate pace.
January 2018 +1.0 +0.5 Picked up to a moderate pace.
November 2017 0.0 +1.0 Increased slightly.
October 2017 +0.5 +0.5 Continued at a modest rate.
August 2017 +0.5 +0.5 Slowed to a modest pace.
June 2017 +1.0 +1.0 Picked up to a moderate pace.
May 2017 +0.5 +0.5 Slowed to a modest pace.
April 2017 +1.0 +0.5 Grew at a moderate pace.
February 2017 +1.0 +1.0 Picked up to a moderate pace.
January 2017 +0.5 +1.0 Continued at a modest pace.
November 2016 +0.5 +1.0 Slowed to a modest pace.
October 2016 +1.0 +1.0 Moderate pace.
August 2016 +1.0 +1.0 Picked up to a moderate pace.
July 2016 +0.5 +0.5 Continued at a modest pace.
May 2016 +0.5 0.0 Slowed to a modest pace.
April 2016 +1.0 +1.0 Picked up to a moderate pace.
February 2016 +0.5 0.0 Increase at a modest pace.
January 2016 +0.5 +0.5 Increase at a modest pace.
November 2015 +0.5 +0.5 Continued at a modest pace.
October 2015 +0.5 +0.5 Slowed to a more modest pace.
August 2015 +1.0 +0.5 Growth remained moderate.
July 2015 +1.0 +0.5 Moderate growth.
May 2015 +1.0 +0.5 Expanded at a moderate pace.
April 2015 +1.0 +1.0 Growth remained moderate.
February 2015 +1.0 +1.0 Growth remained moderate.
January 2015 +1.0 +1.0 Growth remained moderate.
November 2014 +1.0 +0.5 Growth remained moderate.
October 2014 +1.0 +1.0 Growth remained moderate.
August 2014 +1.0 +1.0 Growth remained moderate.
July 2014 +1.0 +1.0 Growth remained moderate.
May 2014 +1.0 +0.5 Moderate growth.
April 2014 +1.0 +0.5 Growth picked up.
February 2014 +0.5 +0.5 Growth slowed.
January 2014 +1.0 +0.5 Growth rate increased.
November 2013 +0.5 +0.5 Modest but slowed a bit.
October 2013 +0.5 +0.5 Growth slowed a bit.
August 2013 +1.0 +0.5 Activity improved.
July 2013 +1.0 +0.5 Expanded at a moderate pace.
May 2013 +0.5 0.0 Expanded at a modest pace.
April 2013 +0.5 +0.5 Expanded at a modest pace.
February 2013 +0.5 0.0 Expanded at a slow pace.
January 2013 +0.5 0.0 Continued to expand at a slow pace.
November 2012 +0.5 −0.5 Continued to expand at a slow pace.
September 2012 +0.5 −0.5 Continued to expand at a slow pace.
August 2012 +0.5 −0.5 Moderate pace, slowing again.
July 2012 +1.0 0.0 Moderate pace but slowing.
May 2012 +1.0 0.0 Moderate pace, touch slower.
April 2012 +1.0 +0.5 Continued to expand at a moderate pace.
February 2012 +1.0 0.0 Continued to expand at a moderate pace.
December 2011 +1.0 0.0 Growth picked up.
November 2011 +0.5 0.0 Growth moderated.
October 2011 +1.0 0.0 Pace picked up some.
August 2011 +0.5 0.0 Expanded more slowly.
July 2011 +0.5 +0.5 Continued to expand slowly.
May 2011 +0.5 +0.5 Expanded more slowly.
April 2011 +0.5 +0.5 Continued to increase.
February 2011 +0.5 +0.5 Increased, but less strongly than before.
January 2011 +1.0 +0.5 Increased further; cautiously optimistic.
November 2010 +1.0 +1.0 Increased at a slightly faster pace.
October 2010 +1.0 +1.0 Picked up moderately.
August 2010 0.0 +0.5 Pace moderated.
July 2010 0.0 −0.5 Improved but rate slowed further.
May 2010 +0.5 +0.5 Improved but rate slowed in May.
April 2010 +1.0 +0.5 Improved; manufacturing leading.
February 2010 +1.0 +0.5 Improved at a moderate pace.
January 2010 +1.0 +1.0 Increased in December.
November 2009 +0.5 0.0 Edged up then leveled off.
October 2009 +0.5 +0.5 Improved marginally; decline has ended.
August 2009 0.0 +0.5 Decline leveled off; cautiously optimistic.
July 2009 −0.5 0.0 Weak but pace of decline slowed.
June 2009 −1.5 0.0 Weakened; credit conditions improved.
April 2009 −1.0 −0.5 Contracted further at a slower pace.
February 2009 −1.0 −1.0 Remained weak; recovery seen in 2010.
January 2009 −2.0 −1.5 Declined further; lower confidence.
November 2008 −1.5 −1.5 Declined; concern over length of downturn.
October 2008 −1.5 −1.0 Weakened; heightened concern about outlook.
August 2008 −0.5 – Sluggish; manufacturing steady.
July 2008 −0.5 – Sluggish; heavy machinery adding capacity.
June 2008 0.0 – Slower expansion; steel near capacity.
April 2008 0.0 – Expanded at an even more sluggish pace.
February 2008 +1.0 – Continued to expand at a slow pace.
January 2008 +0.5 +0.5 Expanded at a slow pace.
November 2007 +0.5 +0.5 Expanded at a slower pace.
October 2007 +0.5 +0.5 Expanded at a modest pace.
August 2007 +0.5 +0.5 Expanded at a modest pace.
July 2007 +0.5 +0.5 Expanded at a modest pace.
June 2007 +0.5 +0.5 Expanded at a modest pace.
April 2007 +0.5 +0.5 Expanded at a modest pace.
February 2007 +0.5 +0.5 Expanded at a modest pace.
January 2007 +0.5 +0.5 Expanded at a more modest pace.
November 2006 +0.5 +0.5 Modest growth.
October 2006 +0.5 +0.5 Expanded at a moderate pace.
August 2006 +0.5 +0.5 Expanded at a moderate pace.
July 2006 +0.5 +0.5 Expanded at a moderate pace.
June 2006 +0.5 +0.5 Expanded at a moderate pace.
April 2006 +0.5 +0.5 Expanded at a moderate pace.
March 2006 +0.5 +0.5 Expanded at a moderate pace.
January 2006 +0.5 +0.5 Expanded at a moderate pace.
November 2005 +0.5 +0.5 Expanded at a moderate pace.
October 2005 +0.5 +0.5 Expanded at a moderate pace.
August 2005 +0.5 +0.5 Expanded at a moderate pace.
July 2005 +0.5 +0.5 Moderate growth; Michigan lags.
June 2005 +0.5 +0.5 Expanded at a moderate pace.
April 2005 +0.5 +0.5 Expanded at a moderate pace.
February 2005 +0.5 +0.5 Expanded at a moderate pace.
January 2005 +1.0 +1.0 Expanded at a moderate pace.
November 2004 +1.0 +0.5 Expanded at a moderate pace.
October 2004 +1.0 +0.5 Expanded at a moderate pace.
September 2004 +0.5 +0.5 Expanded at a slightly slower pace.
July 2004 +1.5 +1.0 Continued to expand solidly.
June 2004 +1.5 +1.0 Expanded solidly.
April 2004 +1.0 +1.0 Continued to expand.
February 2004 +1.0 +1.0 Picked up.
January 2004 +0.5 +1.0 Continued to improve modestly.
November 2003 +0.5 +0.5 Improved modestly again.
October 2003 +0.5 +0.5 Signs of modest improvement.
July 2003 −0.5 +0.5 Remained sluggish.
June 2003 −0.5 +1.0 Remained sluggish.
April 2003 −0.5 −0.5 Few signs of improvement.
February 2003 −0.5 0.0 Remained soft.
January 2003 −0.5 0.0 Remained soft.
November 2002 0.0 – Economic activity remained soft.
October 2002 −1.0 −0.5 Economic activity softened.
September 2002 0.0 – Slow and uneven expansion.
July 2002 0.0 – Pace of recovery remained slow.
June 2002 +1.0 – Modest expansion in April and May.
April 2002 +1.0 +0.5 Activity appeared to improve; reports remained mixed.
February 2002 0.0 +0.5 Mixed but overall tone more positive.
January 2002 −1.0 0.0 Activity again soft; scattered improvement.
November 2001 −1.0 −0.5 Activity remained soft; joblessness continued to rise.
October 2001 −1.0 – Activity slowed further; no mention of bottoming in manufacturing.
September 2001 0.0 – Remained sluggish.
July 2001 0.0 −0.5 Overall activity was sluggish.
June 2001 0.0 +0.5 Slowed further, worst may be over.
April 2001 0.0 0.0 Remained slow.
February 2001 0.0 −0.5 Remained slow, mainly manufacturing.
January 2001 0.0 −0.5 Slowed further in December.
November 2000 +1.0 −0.5 Continued to expand, slowly.
October 2000 +1.0 – Continued to expand moderately.
September 2000 +1.0 – Expansion continued to slow.
July 2000 +1.0 – Slowing but still strong.
June 2000 +1.0 – Strong, but expansion moderated further.
April 2000 +1.0 – Growth may have slowed slightly.
February 2000 +1.0 – Continued to expand moderately.
January 2000 +1.0 – Continued to expand moderately.
November 1999 +1.0 – Strong but expanding more slowly.
October 1999 +1.0 – Expansion slowed modestly.
September 1999 +1.0 – Expanded moderately despite housing slowdown.
August 1999 +1.0 – Modest expansion, very tight labor.
June 1999 +1.0 – Expanded at a modest pace.
April 1999 +1.0 – Remained strong, similar to last report.
March 1999 +1.0 – Expanded modestly in early 1999.
January 1999 +1.0 – Modest expansion, little change in momentum.
November 1998 +1.0 +0.5 Remained strong with pockets of softness.
October 1998 +1.0 – Continued to expand; key segments softened.
September 1998 +1.0 – Modest expansion, more mixed reports.
July 1998 +1.0 – Quite strong, hampered by GM strikes.
June 1998 +1.0 – Expansion picked up some momentum.
April 1998 +1.0 +0.5 Continued to expand moderately, few signs of slowing.
March 1998 +1.0 0.0 Expansion picked up modestly.
January 1998 +1.0 +0.5 Continued to expand moderately; momentum slowing slightly.
November 1997 +1.0 +0.5 Very similar to last report; factories near capacity.
October 1997 +1.0 +0.5 Moderate growth; construction robust, steel very high.
September 1997 +1.0 +0.5 Expanded at a slightly higher rate.
July 1997 +1.0 +0.5 Moderate expansion; manufacturing picked up.
June 1997 +1.0 +0.5 Moderate expansion continued.
April 1997 +1.0 – Moderate growth, regaining lost momentum.
March 1997 +1.0 – Expanding modestly, but lost some momentum.
January 1997 +1.0 – Continued to increase moderately; wage pressure rising.