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

Minneapolis

Increased slightly; manufacturing moderate, consumer spending down slightly. (October 2026)

Overall read, every edition

−2.0−1.00+1.0+2.02000200420082012201620202024

By edition

EditionScoreOutlookIn brief
October 2026 +1.0 – Increased slightly; manufacturing moderate, consumer spending down slightly.
August 2026 +1.0 – Grew slightly; hiring increased; consumer spending down.
July 2026 +1.0 – Expanded slightly; services, construction, CRE and manufacturing grew.
May 2026 +1.0 – Economic activity increased modestly
April 2026 +1.0 – Increased slightly; labor demand turned positive.
February 2026 −1.0 +0.5 Fell slightly; consumer spending and construction down.
January 2026 0.0 0.0 Flat; employment down slightly, manufacturing contracted.
November 2025 0.0 – Flat; manufacturing and home sales up, consumers down.
October 2025 −1.0 −0.5 Contracted slightly; most sectors down.
August 2025 −1.0 – Down slightly; consumer spending and manufacturing softer.
July 2025 0.0 – Flat; tourism up, construction and energy down.
May 2025 −1.0 −1.0 Contracted slightly; manufacturing up moderately, spending fell.
April 2025 −1.0 −1.0 Lower; employment declined, construction fell.
February 2025 0.0 – Steady; manufacturing improved modestly, spending flat.
January 2025 +1.0 +1.0 Grew slightly; retail upbeat, manufacturing contracted moderately.
November 2024 +0.5 +0.5 Up slightly.
October 2024 −0.5 +0.5 Slightly down.
August 2024 −0.5 0.0 Fell slightly.
July 2024 −0.5 −1.0 Fell slightly.
May 2024 +0.5 +0.5 Grew slightly.
April 2024 +0.5 +0.5 Grew slightly.
February 2024 +0.5 0.0 Up slightly.
January 2024 −0.5 +0.5 Down slightly.
November 2023 −0.5 −0.5 Flat to down slightly.
October 2023 +0.5 −0.5 Increased slightly.
August 2023 +0.5 +0.5 Crept up.
June 2023 +0.5 +0.5 Grew slightly.
May 2023 +0.5 +0.5 Increased slightly.
April 2023 +0.5 0.0 Grew slightly.
February 2023 +0.5 0.0 Grew modestly.
January 2023 +0.5 0.0 Expanded slightly.
November 2022 +0.5 −0.5 Grew modestly.
October 2022 +0.5 0.0 Expanded slightly.
August 2022 −0.5 0.0 Slightly lower.
July 2022 +0.5 0.0 Grew modestly.
May 2022 +1.0 0.0 Grew moderately.
April 2022 +1.0 +0.5 Increased moderately.
February 2022 +1.0 +0.5 Increased moderately.
January 2022 +1.0 +0.5 Saw moderate growth.
November 2021 +1.0 +0.5 Grew moderately.
October 2021 +1.0 +0.5 Grew moderately.
August 2021 +1.0 +1.0 Grew at a moderate pace.
July 2021 +2.0 +1.0 Strong growth.
May 2021 +1.5 +1.0 Grew at a moderate-to-strong pace.
April 2021 +1.0 +1.0 Grew moderately with signs of acceleration.
February 2021 +0.5 +0.5 Increased modestly.
January 2021 +0.5 +0.5 Modest growth; record mortgages.
November 2020 +0.5 0.0 Grew modestly.
October 2020 +0.5 0.0 Grew slightly.
August 2020 +0.5 0.0 Grew slightly.
July 2020 −0.5 0.0 Mixed with declines in most sectors.
May 2020 −1.5 −1.0 Declined further.
April 2020 −2.0 −1.5 Fell substantially.
February 2020 +1.0 +0.5 Increased moderately.
January 2020 +0.5 +0.5 Grew at a modest pace.
November 2019 +0.5 +0.5 Grew at a modest pace.
October 2019 +0.5 0.0 Grew at a slight pace.
August 2019 0.0 0.0 Stable.
July 2019 +1.0 +0.5 Modest-to-moderate pace.
May 2019 +0.5 +0.5 Grew slightly.
April 2019 +0.5 +0.5 Grew modestly.
February 2019 +0.5 +0.5 Modest growth; some labor softness.
January 2019 +0.5 +0.5 Grew modestly overall.
November 2018 +1.0 +0.5 Increased moderately.
October 2018 +1.0 0.0 Grew moderately overall.
August 2018 +1.0 +0.5 Expanded moderately.
July 2018 +1.0 +0.5 Grew moderately overall.
May 2018 +1.0 +0.5 Grew moderately.
April 2018 +1.0 +0.5 Moderate economic growth.
February 2018 +1.0 +0.5 Grew moderately.
January 2018 +1.0 +1.0 Increased moderately.
November 2017 +0.5 +0.5 Grew modestly overall.
October 2017 +0.5 +0.5 Grew modestly.
August 2017 +0.5 +0.5 Grew modestly overall.
June 2017 +0.5 +0.5 Modest growth.
May 2017 +0.5 +0.5 Grew modestly overall.
April 2017 +0.5 +0.5 Grew modestly.
February 2017 +0.5 +0.5 Grew modestly.
January 2017 +0.5 +1.0 Grew modestly.
November 2016 +1.0 +0.5 Grew moderately.
October 2016 +0.2 +0.5 Grew slightly.
August 2016 +0.5 +0.5 Grew modestly.
July 2016 +1.0 +0.5 Increased at a moderate pace.
May 2016 +0.5 +0.5 Grew modestly.
April 2016 +1.0 +0.5 Grew moderately.
February 2016 +0.5 +0.5 Grew modestly.
January 2016 +0.5 +0.5 Grew modestly.
November 2015 +1.0 +0.5 Grew moderately.
October 2015 +1.0 +0.5 Grew moderately.
August 2015 +1.0 +0.5 Posted moderate growth.
July 2015 +1.0 +0.5 Grew moderately.
May 2015 +1.0 +0.5 Grew moderately.
April 2015 +1.0 +0.5 Grew moderately.
February 2015 +1.0 +0.5 Grew at a moderate pace.
January 2015 +0.5 +0.5 Grew at a modest pace.
November 2014 +1.0 +1.0 Grew moderately.
October 2014 +1.0 +0.5 Grew at a moderate pace.
August 2014 +1.0 +0.5 Grew moderately.
July 2014 +1.0 +0.5 Grew moderately.
May 2014 +1.0 +0.5 Moderate pace.
April 2014 +1.0 +0.5 Moderate pace.
February 2014 +1.0 +0.5 Moderate growth.
January 2014 +1.0 +0.5 Moderate growth.
November 2013 +1.0 +1.0 Grew at a moderate pace.
October 2013 +1.0 +0.5 Grew moderately.
August 2013 +1.0 +0.5 Expanded at a moderate pace.
July 2013 +1.0 +0.5 Moderate growth.
May 2013 +1.0 +0.5 Moderate growth.
April 2013 +1.0 +0.5 Grew moderately.
February 2013 +1.0 0.0 Moderate growth.
January 2013 +1.0 +0.5 Grew moderately.
November 2012 +1.0 +0.5 Moderate growth.
September 2012 +0.5 0.0 Expanded modestly.
August 2012 +0.5 0.0 Grew at a modest pace.
July 2012 +1.0 +0.5 Grew moderately.
May 2012 +0.5 +0.5 Modest to firm pace.
April 2012 +1.0 +0.5 Grew at a solid pace.
February 2012 +1.0 +0.5 Grew at a firm pace.
December 2011 +0.5 +0.5 Grew at a modest pace.
November 2011 +1.0 +0.5 Grew moderately.
October 2011 +0.5 +0.5 Increased modestly.
August 2011 +0.5 +0.5 Grew slightly.
July 2011 +0.5 +0.5 Grew modestly despite disruptions.
May 2011 +1.0 +0.5 Grew steadily.
April 2011 +1.0 +0.5 Expanded moderately.
February 2011 +1.0 +0.5 Continued to grow moderately.
January 2011 +1.0 +0.5 Continued its moderate recovery.
November 2010 +1.0 +0.5 Grew at a firm pace.
October 2010 +1.0 +0.5 Picked up somewhat.
August 2010 +0.5 0.0 Grew modestly.
July 2010 +0.5 0.0 Grew slightly.
May 2010 +1.0 +0.5 Grew at a steady pace.
April 2010 +1.0 +0.5 Grew moderately.
February 2010 +0.5 +0.5 Grew modestly.
January 2010 +0.5 +0.5 Grew tepidly.
November 2009 +0.5 +0.5 Up slightly.
October 2009 0.0 +0.5 Steady with signs of recovery.
August 2009 0.0 +0.5 Flat.
July 2009 −1.0 0.0 Contracted.
June 2009 −0.5 0.0 Contraction moderated.
April 2009 −1.5 −0.5 Contracted further; agriculture improved.
February 2009 −1.5 −1.5 Broad-based downturn continued.
January 2009 −1.0 −1.5 Decreased slightly in most sectors.
November 2008 −1.5 −1.5 Contracted; electronics same-store sales down 8 percent.
October 2008 −1.0 −1.0 Slowed; energy and mining up.
August 2008 −1.0 – Stagnant; mines at full capacity.
July 2008 +0.5 – Grew slightly; tourism and mining up.
June 2008 −1.0 – Sluggish; Twin Cities permits down 67 percent.
April 2008 0.0 – Slowed slightly; mining increased.
February 2008 −1.0 – Economy appears to have contracted slightly.
January 2008 +0.5 +0.5 Grew modestly.
November 2007 +0.5 +0.5 Grew moderately.
October 2007 +0.5 +0.5 Grew modestly.
August 2007 +0.5 +0.5 Grew modestly.
July 2007 +0.5 +0.5 Grew moderately.
June 2007 +0.5 +0.5 Edged up.
April 2007 +1.0 +1.0 Grew firmly.
February 2007 +0.5 +0.5 Increased slightly.
January 2007 +0.5 +0.5 Increased slightly.
November 2006 +0.5 +0.5 Economy grew.
October 2006 +0.5 +0.5 Grew moderately.
August 2006 +0.5 +0.5 Grew modestly.
July 2006 +0.5 +0.5 Grew moderately.
June 2006 +0.5 +0.5 Grew at a steady pace.
April 2006 +1.0 +1.0 Grew at a solid pace.
March 2006 +0.5 +0.5 Grew at a moderate pace.
January 2006 +0.5 +0.5 Grew moderately.
November 2005 +1.0 +1.0 Solid growth.
October 2005 +0.5 +0.5 Grew moderately.
August 2005 +1.0 +1.0 Broad-based growth.
July 2005 +1.0 +1.0 Solid growth.
June 2005 +1.0 +1.0 Moderate growth.
April 2005 +1.5 +1.0 Firm growth.
February 2005 +1.0 +1.0 Grew moderately.
January 2005 +1.0 +1.0 Continuing signs of growth.
November 2004 +1.5 +1.5 Broad-based growth.
October 2004 +1.0 +0.5 Signs of growth evident.
September 2004 +1.0 +1.0 Grew moderately.
July 2004 +0.5 +1.0 Grew modestly.
June 2004 +1.0 +1.0 Grew steadily.
April 2004 +1.0 +1.0 Solid growth.
February 2004 +1.0 +1.0 Firm growth.
January 2004 +1.0 +1.0 Grew at a healthy pace.
November 2003 +0.5 +1.0 Increased.
October 2003 +0.5 +0.5 Increased.
July 2003 +0.5 +0.5 Up slightly.
June 2003 +0.5 +0.5 Increased slightly.
April 2003 −0.5 0.0 Decreased slightly.
February 2003 0.0 0.0 Mixed.
January 2003 0.0 0.0 Subdued.
November 2002 0.0 +0.5 Economy was sluggish.
October 2002 0.0 – Economic activity was slow.
September 2002 0.0 – Economy appears to have grown very little.
July 2002 +1.0 – Economy appears to have expanded modestly.
June 2002 0.0 +0.5 Overall economic activity is mixed.
April 2002 +1.0 +0.5 Overall activity grew modestly.
February 2002 0.0 +0.5 Overall activity appears to have edged up.
January 2002 0.0 −0.5 Activity somewhat mixed in recent months.
November 2001 −1.0 −0.5 Activity decreased; commercial real estate, energy, mining down.
October 2001 −1.0 – Weakened since Sept. 11; tourism, manufacturing, mining down.
September 2001 0.0 +0.5 About even with last report.
July 2001 0.0 – Economic activity is subdued.
June 2001 −1.0 −0.5 Economy is in the doldrums.
April 2001 −1.0 −0.5 Long winter took a toll.
February 2001 0.0 – Economic activity is mixed.
January 2001 0.0 −0.5 Economic growth is weakening.
November 2000 +1.0 – Economic growth remains steady.
October 2000 +1.0 – Grows at a moderate pace.
September 2000 0.0 – Shows signs of slowing.
July 2000 +1.0 – Economic activity is steady.
June 2000 +2.0 – Economic activity remains hot.
April 2000 +2.0 – Continues at a robust pace.
February 2000 +2.0 +0.5 Continues to look very strong.
January 2000 +2.0 +0.5 Starts the new millennium at full speed.
November 1999 +2.0 +0.5 Entering the new millennium at full speed.
October 1999 +2.0 – Economy remains highly charged.
September 1999 +1.0 – Activity continues to rise.
August 1999 +1.0 – The pulse continues strong.
June 1999 +1.0 – Economy continues to expand.
April 1999 +2.0 – Economy continues to flourish.
March 1999 +2.0 +1.0 Pace picked up from strong conditions.
January 1999 +2.0 +0.5 Economy is strong as 1999 begins.
November 1998 +2.0 +0.5 Economy displays great strength.
October 1998 +1.0 0.0 Output continues strong despite caution.
September 1998 +1.0 −1.0 Moderate to strong; sentiment very guarded.
July 1998 +1.0 0.0 Growth predominates, but ill winds from Asia.
June 1998 +1.0 +0.5 Moderate to strong growth continues.
April 1998 +1.0 0.0 Little change; rural weakness casting a pall.
March 1998 +1.0 +0.5 Steady to strong growth in most sectors.
January 1998 +1.0 +1.0 Strong, steady stride, but not sprinting.
November 1997 +2.0 +0.5 Robust, broad-based growth.
October 1997 +2.0 +0.5 Strongest economy in 30 years.
September 1997 +1.0 +0.5 Mood upbeat; orders swelling.
July 1997 +1.0 – Continued moderate growth; construction indefatigable.
June 1997 +1.0 +0.5 Moderate growth with few problems.
April 1997 +1.0 +0.5 Moderate growth despite blizzard and floods.
March 1997 +1.0 +0.5 Pace apparently quickening despite severe winter.
January 1997 +1.0 +0.5 Growing moderately; construction booming.