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

Cleveland

Increased modestly; manufacturing moderate; robust loan demand; slight growth ahead. (October 2026)

Overall read, every edition

−2.0−1.00+1.0+2.02000200420082012201620202024

By edition

EditionScoreOutlookIn brief
October 2026 +1.0 +0.5 Increased modestly; manufacturing moderate; robust loan demand; slight growth ahead.
August 2026 +1.0 +1.0 Increased modestly; robust manufacturing; consumer spending down fourth period.
July 2026 +1.0 +1.0 Increased modestly with faster growth anticipated; retail hit by fuel prices.
May 2026 +1.0 +1.0 Business activity increased moderately; continued moderate growth expected
April 2026 +1.0 +0.5 Increased modestly; similar growth expected ahead.
February 2026 +1.0 +0.5 Increased modestly on data center demand.
January 2026 +1.0 +0.5 Increased slightly; continued slight growth expected.
November 2025 +1.0 0.0 Increased slightly; flat activity expected ahead.
October 2025 0.0 +1.0 Flat; activity expected to increase modestly.
August 2025 +1.0 +1.0 Grew slightly; contacts expect activity to increase.
July 2025 0.0 +1.0 Flat; activity expected to increase slightly ahead.
May 2025 0.0 0.0 Flat; consumers pulled back and manufacturers saw softer orders.
April 2025 0.0 0.0 Flat; weaker-than-usual spring, activity expected to stay flat.
February 2025 0.0 +1.0 Flat; consumer spending down, activity expected to increase.
January 2025 +1.0 +1.0 Grew modestly; strong retail, soft manufacturing, further growth expected.
November 2024 +0.5 +0.5 Grew modestly.
October 2024 0.0 +0.5 Stable.
August 2024 −0.5 +0.5 Declined slightly.
July 2024 −0.5 0.0 Declined slightly.
May 2024 +0.5 −0.5 Expanded slightly.
April 2024 +0.5 +0.5 Increased modestly.
February 2024 +0.5 +0.5 Increased slightly.
January 2024 +0.5 +0.5 Edged up.
November 2023 −0.5 0.0 Down slightly.
October 2023 0.0 0.0 Little changed.
August 2023 0.0 0.0 Generally flat.
June 2023 0.0 +0.5 Generally stable.
May 2023 0.0 0.0 Little change.
April 2023 0.0 0.0 Generally flat.
February 2023 −0.5 −0.5 Contracted slightly.
January 2023 −0.5 −0.5 Slowed slightly.
November 2022 −0.5 −0.5 Slowed slightly.
October 2022 0.0 −0.5 Generally flat.
August 2022 0.0 0.0 Steadied after slowing.
July 2022 −0.5 −0.5 Declined slightly.
May 2022 +0.5 0.0 Decelerated and was slightly positive.
April 2022 +1.0 +0.5 Increased at a modest pace.
February 2022 +1.0 +0.5 Grew at a slower, more modest pace.
January 2022 +1.0 +0.5 Expanded at a relatively steady pace.
November 2021 +1.0 +1.0 Expansion picked up a bit.
October 2021 +1.5 +1.0 Economic activity remained strong.
August 2021 +1.5 +1.0 Grew solidly.
July 2021 +1.5 +1.0 Expanded at a solid pace.
May 2021 +1.5 +1.0 Recovery gained strength.
April 2021 +1.5 +1.5 Expansion accelerated.
February 2021 +0.5 +0.5 Economy regained momentum.
January 2021 +0.5 +0.5 Slight growth.
November 2020 +1.0 +0.5 Increased moderately.
October 2020 +1.0 +0.5 Increased at moderate pace.
August 2020 +0.5 +0.5 Grew modestly.
July 2020 +0.5 0.0 Expanded in recent weeks.
May 2020 −1.5 −1.5 Deteriorated further.
April 2020 −2.0 −2.0 Contracted sharply.
February 2020 +0.5 +0.5 Increased modestly.
January 2020 +0.5 +0.5 Modest, steady pace.
November 2019 +0.5 +0.5 Increased modestly.
October 2019 0.0 0.0 Stable on balance.
August 2019 0.0 0.0 Steady on balance.
July 2019 0.0 0.0 Stable and solid; manufacturing weakened.
May 2019 +0.5 +0.5 Grew modestly.
April 2019 +0.5 +0.5 Risen modestly.
February 2019 +0.5 +0.5 Modest growth driven by services.
January 2019 0.0 0.0 Increased slightly.
November 2018 +0.5 +0.5 Grew modestly.
October 2018 +0.5 +0.5 Grew modestly.
August 2018 +1.0 +0.5 Grew moderately.
July 2018 +1.0 +0.5 Grew moderately.
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 +1.0 +0.5 Grew at a moderate pace.
November 2017 +1.0 +1.0 Grew at a moderate pace.
October 2017 +1.0 +0.5 Expanded at a moderate pace.
August 2017 +1.0 +0.5 Grew at a moderate pace.
June 2017 +0.5 +0.5 Slowed to a modest pace.
May 2017 +1.0 +0.5 Expanded at a moderate pace.
April 2017 +1.0 +1.0 Expanded at a moderate pace.
February 2017 +1.0 +0.5 Grew moderately.
January 2017 +0.2 +0.5 Grew slightly.
November 2016 +0.2 0.0 Grew slightly.
October 2016 +0.5 0.0 Expanded at a modest pace.
August 2016 +0.5 +0.5 Grown at a modest pace.
July 2016 0.0 0.0 Steady level of activity.
May 2016 +0.5 +0.5 Grew at a modest pace.
April 2016 +0.5 +0.5 Expanded at a modest pace.
February 2016 +0.5 +0.5 Grew at a modest pace.
January 2016 +0.5 0.0 Grew at a modest pace.
November 2015 +0.5 +0.5 Expanded at a modest pace.
October 2015 +0.5 +0.5 Expanded at a modest pace.
August 2015 +0.5 0.0 Expanded at a slight pace.
July 2015 +0.5 +0.5 Steady level of activity.
May 2015 +0.5 +0.5 Expanded slightly.
April 2015 +0.2 0.0 Expanded at a slight pace.
February 2015 +0.5 +1.0 Expanded at a modest pace.
January 2015 +0.5 +0.5 Expanded at a modest pace.
November 2014 +0.5 +0.5 Expanded at a modest pace.
October 2014 +1.0 +0.5 Expanded at a moderate pace.
August 2014 +1.0 +1.0 Expanded at a moderate pace.
July 2014 +0.5 +0.5 Expanded at a modest pace.
May 2014 +0.5 +0.5 Expanded at a modest pace.
April 2014 −0.5 +0.5 Declined slightly.
February 2014 +1.0 +1.0 Continued at a moderate pace.
January 2014 +1.0 +0.5 Expand at a moderate pace.
November 2013 +1.0 +0.5 Expanded at a moderate pace.
October 2013 +1.0 +0.5 Expanded at a moderate pace.
August 2013 +1.0 +0.5 Expanded at a moderate pace.
July 2013 +1.0 +0.5 Expanded at a moderate pace.
May 2013 +1.0 +0.5 Grew at a moderate pace.
April 2013 +1.0 +0.5 Expanded at a moderate pace.
February 2013 +0.5 +0.5 Grew at a modest pace.
January 2013 +0.5 −0.5 Expanded at a modest pace.
November 2012 +0.5 −0.5 Grew at a modest pace.
September 2012 +0.5 0.0 Expanded; growth modest.
August 2012 +0.5 0.0 Grew at a modest pace.
July 2012 +0.5 0.0 Expanded at a slower pace.
May 2012 +1.0 +0.5 Grown at a moderate pace.
April 2012 +0.5 0.0 Grew at a modest pace.
February 2012 +1.0 +0.5 Grew at a moderate pace.
December 2011 +0.5 −0.5 Grew at a slow pace.
November 2011 +0.5 0.0 Autos very good.
October 2011 +0.5 0.0 Increased slowly.
August 2011 +0.5 −0.5 Grew at a slow pace.
July 2011 +0.5 +0.5 Expanded at a modest but slower pace.
May 2011 +0.5 +0.5 Expanded at a modest pace.
April 2011 +0.5 +0.5 Continued to expand at a modest pace.
February 2011 +0.5 +0.5 Continued to expand at a modest pace.
January 2011 +0.5 +0.5 Expanded at a modest pace.
November 2010 +0.5 +0.5 Grew at a modest pace.
October 2010 0.0 +0.5 Held steady.
August 2010 +0.5 0.0 Slight improvement.
July 2010 0.0 0.0 Held steady.
May 2010 +1.0 +0.5 Further signs of strengthening.
April 2010 +1.0 +0.5 Further signs of strengthening.
February 2010 +0.5 +0.5 Some signs of improvement.
January 2010 +0.5 +0.5 Some signs of improvement at a low level.
November 2009 0.0 +0.5 Little change; recovery fragile.
October 2009 0.0 +0.5 A few signs of improvement; recovery fragile.
August 2009 0.0 0.0 Slight improvement.
July 2009 0.0 0.0 Signs of stabilizing; coal down.
June 2009 −1.0 0.0 Weakened somewhat; coal production fell.
April 2009 −1.0 −0.5 Remained weak; new order declines leveling off.
February 2009 −2.0 −1.5 Weakened further; factory output down 25 percent.
January 2009 −1.5 −1.5 Weakened further; freight declined across all sectors.
November 2008 −2.0 −1.5 Weakened markedly; steel shipments falling.
October 2008 −1.0 −1.0 Weakened since mid-August; new car sales down sharply.
August 2008 −0.5 – Weakened somewhat since mid-July.
July 2008 +0.5 – Increased slightly; commercial builders expanding.
June 2008 0.0 – Stable; steel steady to up.
April 2008 0.0 – Activity held steady; steel shipments rising.
February 2008 0.0 – Activity slowed somewhat; steel shipments rose.
January 2008 0.0 0.0 Expanded at a slow pace.
November 2007 0.0 0.0 Growth slowed.
October 2007 0.0 0.0 Grew at a slower pace.
August 2007 +0.5 +0.5 Grew at a modest pace.
July 2007 +0.5 +0.5 Grew at a modest pace.
June 2007 +0.5 +0.5 Grew at a modest pace.
April 2007 +0.5 +0.5 Grew at a modest pace.
February 2007 +0.5 +0.5 Modest growth.
January 2007 −0.5 −0.5 Softened since mid November.
November 2006 +0.5 +0.5 Moderate growth.
October 2006 0.0 0.0 Modest, mixed growth.
August 2006 0.0 0.0 Modest, mixed growth.
July 2006 0.0 0.0 Expanding; signs of moderation.
June 2006 +0.5 +0.5 Continued expanding.
April 2006 +0.5 +0.5 Steady gains.
March 2006 +1.0 +1.0 Steady pace, broad-based gains.
January 2006 +0.5 +0.5 Reasonably strong; households weaker.
November 2005 +0.5 +0.5 Gradual improvement.
October 2005 +0.5 +0.5 Gradual improvement.
August 2005 +0.5 +0.5 Steady improvement.
July 2005 +1.0 +1.0 Broad-based improvement.
June 2005 +0.5 +0.5 Uneven but supportive of growth.
April 2005 +0.5 +0.5 Continued to show signs of improvement.
February 2005 +1.0 +0.5 Improved across an array of industries.
January 2005 0.0 +0.5 Mixed across sectors.
November 2004 0.0 0.0 Expanded little.
October 2004 0.0 0.0 Growth appeared to moderate.
September 2004 0.0 0.0 Mixed.
July 2004 0.0 0.0 Pace appeared to slow.
June 2004 +1.0 +0.5 Remained strong.
April 2004 +1.0 +1.0 Pace of improvement accelerated.
February 2004 +0.5 +0.5 Improving slowly.
January 2004 0.0 +0.5 Relatively unchanged.
November 2003 +0.5 +0.5 Appeared to improve.
October 2003 0.0 +0.5 Remained mixed.
July 2003 +0.5 +0.5 Steady or improving.
June 2003 0.0 +0.5 Remained mixed.
April 2003 0.0 +0.5 Remained subdued.
February 2003 0.0 0.0 Remained mixed.
January 2003 0.0 +0.5 Mixed signals.
November 2002 0.0 +0.5 Mixed signals during October and early November.
October 2002 −1.0 −0.5 Activity characterized as 'slowing,' 'stagnating,' or 'declining.'
September 2002 0.0 +0.5 Mixed signals during July and August.
July 2002 +1.0 +0.5 Some improvement from the last report.
June 2002 0.0 0.0 Conditions much the same as in the last report.
April 2002 +1.0 0.0 Continued to improve, but rate of improvement slowed.
February 2002 0.0 +0.5 Much the same as late 2001; modest improvement emerging.
January 2002 0.0 +0.5 Economy still in the process of bottoming out.
November 2001 0.0 +1.0 Economy has bottomed out; signs of recovery emerging.
October 2001 −1.0 −1.0 General downward drift continued; little optimism for near term.
September 2001 0.0 0.0 Manufacturing weak; spending up slightly.
July 2001 0.0 −0.5 Continues to move laterally.
June 2001 −1.0 0.0 Changed little; remained weak.
April 2001 −1.0 +0.5 Continued to be weak.
February 2001 0.0 −0.5 Remains weak overall, but mixed.
January 2001 0.0 −0.5 Same slow rate as last report.
November 2000 0.0 – Slowed even from moderated rates.
October 2000 0.0 – Growth has slowed recently.
September 2000 +1.0 – Little change; growth moderate.
July 2000 +1.0 – Moderately strong.
June 2000 0.0 – Growth has moderated from the first quarter.
April 2000 +1.0 – Growth is moderately strong.
February 2000 +2.0 – Growth remains strong.
January 2000 +2.0 +0.5 Remains on a strong growth trajectory.
November 1999 +1.0 – No major changes; spending and production strong.
October 1999 +1.0 – Business activity remains strong.
September 1999 +2.0 – Sustained strength.
August 1999 +1.0 – Industrial activity still gaining strength.
June 1999 +1.0 – Still quite strong.
April 1999 +1.0 +0.5 Continues to perform at a high level.
March 1999 +1.0 – Still growing, somewhat unevenly.
January 1999 +1.0 +0.5 Continues to grow; industry moderated in a few.
November 1998 +1.0 – Mixed growth; construction very strong.
October 1998 +1.0 – Business activity remains good overall.
September 1998 +1.0 – Business remained strong.
July 1998 +1.0 – Slackened a bit; still strong overall.
June 1998 +1.0 – Continues to expand amid modest inflation.
April 1998 +1.0 +1.0 Conditions continue to be strong.
March 1998 +1.0 +0.5 Continues to grow, but at a moderating pace.
January 1998 +1.0 – Business conditions remain strong overall.
November 1997 +1.0 – Moderate to good pace; manufacturing strengthened.
October 1997 +1.0 +0.5 Strong; factory output high, orders improved.
September 1997 0.0 – Generally stable at a high level.
July 1997 +1.0 +0.5 Expanding amid extremely low joblessness.
June 1997 0.0 – Mixed, with weather-related softness; still strong.
April 1997 +1.0 +0.5 Strong overall; optimism high, construction up.
March 1997 0.0 +0.5 Good overall, but little net growth.
January 1997 0.0 – Holding steady at a good level.