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

Philadelphia

Rose slightly, down from modest; manufacturers far more optimistic than others. (October 2026)

Overall read, every edition

−2.0−1.00+1.0+2.02000200420082012201620202024

By edition

EditionScoreOutlookIn brief
October 2026 +1.0 +0.5 Rose slightly, down from modest; manufacturers far more optimistic than others.
August 2026 +1.0 +0.5 Rose modestly; manufacturing surged; nonmanufacturer expectations below average.
July 2026 +1.0 0.0 Rose slightly after a slight decline; manufacturers more optimistic than nonmanufacturers.
May 2026 −1.0 0.0 Business activity declined slightly on balance
April 2026 +1.0 0.0 Grew slightly; manufacturing up moderately.
February 2026 +1.0 +0.5 Grew modestly, up from a slight pace.
January 2026 +1.0 +0.5 Rebounded to slight growth from a modest decline.
November 2025 −1.0 0.0 Modest declines across most sectors amid the shutdown.
October 2025 +1.0 +1.0 Increased slightly; firms expect modest growth.
August 2025 +1.0 +1.0 Rose modestly; expectations for growth broadened.
July 2025 −1.0 +1.0 Declined modestly; firms expect slight growth over six months.
May 2025 −1.0 +1.0 Declined modestly; manufacturers' expectations rose moderately.
April 2025 −1.0 −1.0 Declined modestly; nonmanufacturing fell moderately.
February 2025 −1.0 +1.0 Declined slightly; firms still optimistic about future growth.
January 2025 +1.0 +1.0 Grew slightly; manufacturing edged down, firms expect moderate growth.
November 2024 +0.5 +0.5 Edged up.
October 2024 −0.5 +0.5 Continued to decline slightly.
August 2024 −0.5 +0.5 Declined slightly.
July 2024 +0.5 +0.5 Grew slightly.
May 2024 +0.5 0.0 Up slightly.
April 2024 0.0 +0.5 Flat.
February 2024 −0.5 0.0 Resumed a slight decline.
January 2024 0.0 +0.5 Held steady.
November 2023 −0.5 −0.5 Continued to decline slightly.
October 2023 −0.5 0.0 Continued to decline slightly.
August 2023 −0.5 +0.5 Continued to decline slightly.
June 2023 −0.5 −0.5 Continued to decline slightly.
May 2023 −0.5 +0.5 Continued to decline slightly.
April 2023 −0.5 −1.0 Declined slightly.
February 2023 +0.5 0.0 Increased slightly.
January 2023 −0.5 −0.5 Declined slightly.
November 2022 0.0 −0.5 Held steady.
October 2022 0.0 −0.5 Remained flat.
August 2022 0.0 −0.5 Held steady.
July 2022 +0.5 −0.5 Continued to grow slightly.
May 2022 +0.5 −0.5 Grew slightly, slower than before.
April 2022 +0.5 +0.5 Continued to grow modestly.
February 2022 +0.5 +0.5 Continued to grow modestly.
January 2022 +0.5 +0.5 Grew modestly, slower than before.
November 2021 +1.0 +1.0 Grew moderately, faster than before.
October 2021 +0.5 +0.5 Grew modestly, slower than before.
August 2021 +0.5 +0.5 Continued at a moderate pace.
July 2021 +1.0 +1.0 Continued at a moderate pace.
May 2021 +1.0 +1.0 Continued at a moderate pace.
April 2021 +1.0 +1.0 Picked up to a moderate pace.
February 2021 +0.5 +0.5 Rebounded to modest growth.
January 2021 −1.0 +0.5 Activity fell modestly.
November 2020 0.0 0.0 Held steady.
October 2020 +0.5 +0.5 Incrementally improved.
August 2020 0.0 0.0 Changed little.
July 2020 +1.0 +0.5 Expanded moderately.
May 2020 −2.0 −1.5 Continued to fall sharply.
April 2020 −2.0 −2.0 Fell severely.
February 2020 +0.5 +0.5 Resumed modest growth.
January 2020 +0.5 +0.5 Slowed to a slight pace.
November 2019 +0.5 +0.5 Continued at a modest pace.
October 2019 +0.5 +0.5 Continued at a modest pace.
August 2019 +0.5 +0.5 Continued at a modest pace.
July 2019 +0.5 +0.5 Continued at a modest pace.
May 2019 +0.5 +0.5 Strengthened to a modest pace.
April 2019 +0.5 +0.5 Resumed slight growth after pause.
February 2019 0.0 +0.5 Activity paused.
January 2019 +0.5 +0.5 Maintained a modest pace.
November 2018 +0.5 +0.5 Continued at a modest pace.
October 2018 +0.5 +0.5 Continued at a modest pace.
August 2018 +0.5 +0.5 Continued at a modest pace.
July 2018 +0.5 +0.5 Continued at a modest pace.
May 2018 +0.5 +0.5 Continued at a modest pace.
April 2018 +0.5 +0.5 Continued at a modest pace.
February 2018 +0.5 +0.5 Continued at a modest pace.
January 2018 +0.5 +0.5 Continued at a modest pace.
November 2017 +0.5 +0.5 Continued at a modest pace.
October 2017 +0.5 +0.5 Continued at a modest pace.
August 2017 +0.5 +0.5 Resumed a modest pace.
June 2017 0.0 +0.5 Slowed to a slight pace.
May 2017 +0.5 +0.5 Continued at a modest pace.
April 2017 +0.5 +0.5 Grew at a modest pace.
February 2017 +0.5 +0.5 Continued at a modest pace.
January 2017 +0.5 +1.0 Picked up to a modest pace.
November 2016 +0.2 +0.5 Grow slightly.
October 2016 +0.2 +0.5 Grow slightly.
August 2016 +0.2 +0.5 Grew slightly.
July 2016 +0.5 0.0 Continued at a modest pace.
May 2016 +0.5 +0.5 Modest pace of growth.
April 2016 +0.5 +0.5 Resumed a modest pace.
February 2016 +0.5 +0.5 Grown slightly.
January 2016 +0.5 +0.5 Grow at a modest pace.
November 2015 +0.5 +0.5 Grew at a modest pace.
October 2015 +0.5 +0.5 Grow at a modest pace.
August 2015 +0.5 +1.0 Grew at a modest pace.
July 2015 +0.5 +0.5 Grew at a modest pace.
May 2015 +0.5 +0.5 Continued to grow modestly.
April 2015 +0.5 +1.0 Grow at a modest pace.
February 2015 +0.5 +1.0 Grow at a modest pace.
January 2015 +0.5 +1.0 Grow at a modest pace.
November 2014 +0.5 +1.0 Grow at a modest pace.
October 2014 +0.5 +1.0 Grow at a modest pace.
August 2014 +0.5 +1.0 Grow at a modest pace.
July 2014 +0.5 +0.5 Grew at a modest pace.
May 2014 +0.5 +0.5 Grew at a modest pace.
April 2014 +1.0 +1.0 Grew at a moderate pace.
February 2014 −0.5 +0.5 Declined slightly.
January 2014 +0.5 +0.5 Rise at a modest pace.
November 2013 +0.5 +0.5 Rise at a modest pace.
October 2013 +0.5 +0.5 Slowed to a modest pace.
August 2013 +1.0 +0.5 Grew at a modest pace.
July 2013 +1.0 +0.5 Maintained a moderate pace.
May 2013 +1.0 +0.5 Accelerated to moderate growth.
April 2013 +0.5 +1.0 Maintained modest growth.
February 2013 +0.5 +0.5 Maintained modest growth.
January 2013 +0.5 +1.0 Resumed modest growth.
November 2012 −0.5 −0.5 Weakness exacerbated by hurricane.
September 2012 +0.5 +0.5 Continued to improve modestly.
August 2012 0.0 0.0 Continued to grow slowly.
July 2012 +0.5 +0.5 Continued to improve; mixed.
May 2012 +0.5 +0.5 Continues to improve but pace slowed.
April 2012 +0.5 +0.5 Slow, steady improvement.
February 2012 +1.0 +1.0 Grew at a somewhat faster pace.
December 2011 +0.5 +0.5 Continued to grow modestly.
November 2011 +0.5 +1.0 Outlook improved substantially.
October 2011 0.0 0.0 Remained mixed.
August 2011 −0.5 −0.5 More mixed and somewhat weaker.
July 2011 0.0 +0.5 Growing at a very slow rate.
May 2011 +0.5 +0.5 Improved overall but softened.
April 2011 +0.5 +1.0 Improved overall.
February 2011 +1.0 +0.5 Improved overall.
January 2011 +0.5 +0.5 Improved somewhat.
November 2010 0.0 +0.5 Varied across sectors.
October 2010 0.0 +0.5 Mixed.
August 2010 0.0 0.0 Mixed.
July 2010 +0.5 0.0 Moved up slightly.
May 2010 +0.5 +0.5 Advanced modestly.
April 2010 +0.5 +0.5 Moved up somewhat.
February 2010 +0.5 +0.5 Improved in some sectors.
January 2010 0.0 +0.5 Mixed.
November 2009 0.0 +0.5 Mixed.
October 2009 0.0 +0.5 Little change.
August 2009 0.0 +0.5 Little change; scattered improvement.
July 2009 −1.0 +0.5 Subdued; outlook slightly more positive.
June 2009 −1.0 +0.5 Slow; outlook improved slightly.
April 2009 −1.0 −0.5 Continued at a slow rate.
February 2009 −1.0 −0.5 Remained weak; outlook improved somewhat.
January 2009 −1.0 −1.5 Remained soft; outlook pessimistic.
November 2008 −1.0 −1.5 Generally weak; loan volume up.
October 2008 −1.0 −1.0 Softened in most sectors; outlook not positive.
August 2008 −0.5 +0.5 Remained soft; manufacturers optimistic.
July 2008 −1.0 0.0 Weakened somewhat; discount stores up.
June 2008 0.0 +0.5 Stabilizing; manufacturing steady.
April 2008 −1.0 −0.5 Softened further; manufacturers' outlook turned positive.
February 2008 −1.0 −0.5 Business activity weakening slightly; outlook less positive.
January 2008 +0.5 +0.5 Increased slightly.
November 2007 +0.5 +0.5 Expanded modestly.
October 2007 +0.5 +0.5 Business activity expanded.
August 2007 +0.5 +0.5 Expanded; pace eased somewhat.
July 2007 +1.0 +1.0 Economic conditions improved.
June 2007 +1.0 +1.0 Improved; growth somewhat faster.
April 2007 +0.5 +0.5 Improved marginally.
February 2007 +0.5 +0.5 Improved slightly.
January 2007 +0.5 +0.5 Advanced modestly.
November 2006 +0.5 +0.5 Improved slightly.
October 2006 0.0 0.0 Increased; growth slowed.
August 2006 +0.5 +0.5 Increased; growth easing.
July 2006 +0.5 +0.5 Increased; growth easing.
June 2006 +0.5 +0.5 Conditions improved.
April 2006 +0.5 +0.5 Activity increased.
March 2006 0.0 0.0 Grew at a slow pace.
January 2006 +0.5 +0.5 Expanded moderately.
November 2005 0.0 0.0 Grew slowly.
October 2005 0.0 0.0 Advanced slowly.
August 2005 +0.5 +0.5 Expanded modestly.
July 2005 +1.0 +1.0 Continued to expand.
June 2005 +0.5 +0.5 Expanded, pace eased.
April 2005 +1.0 +1.0 Increased.
February 2005 +1.0 +1.0 Increased.
January 2005 +1.0 +1.0 Expanded.
November 2004 +1.0 +1.0 Improved moderately.
October 2004 +1.0 +1.0 Increased.
September 2004 +0.5 +0.5 Improved modestly.
July 2004 +1.0 +1.0 Rising moderately.
June 2004 +1.0 +1.0 Continued to expand.
April 2004 +1.0 +0.5 Expanded; improving trend continued.
February 2004 +1.0 +1.0 Expanded further.
January 2004 +0.5 +1.0 Improved.
November 2003 +0.5 +0.5 Improving.
October 2003 +0.5 +0.5 Improved slightly.
July 2003 +0.5 +0.5 Rose slightly.
June 2003 0.0 +0.5 Mixed.
April 2003 −0.5 +0.5 Softened.
February 2003 0.0 +0.5 Virtually steady.
January 2003 0.0 0.0 Mixed.
November 2002 +1.0 +0.5 Business activity advancing marginally.
October 2002 0.0 0.0 Business conditions were mixed in October.
September 2002 0.0 +0.5 Upward trend appeared to ease in August.
July 2002 +1.0 +0.5 Business activity edged up in July.
June 2002 +1.0 +0.5 Business activity rose in May.
April 2002 +1.0 +0.5 Business activity on the rise.
February 2002 +1.0 +0.5 Some signs of improvement in February.
January 2002 −1.0 0.0 Conditions remained slow; a few positive signs.
November 2001 −1.0 −0.5 Conditions remained soft; outlook generally subdued.
October 2001 −1.0 0.0 Slowed mid-September, picked up slowly; manufacturers expect gains.
September 2001 0.0 0.0 Remained subdued in August.
July 2001 0.0 +0.5 Little or no improvement in July.
June 2001 0.0 +0.5 Continued to be soft.
April 2001 0.0 +0.5 Business conditions were mixed.
February 2001 0.0 +0.5 Business conditions were mixed.
January 2001 −1.0 0.0 Signs of slower business activity.
November 2000 +1.0 +0.5 Improved marginally in November.
October 2000 0.0 +0.5 Eased in some sectors.
September 2000 +1.0 +0.5 Moving up slowly.
July 2000 +1.0 +0.5 Activity mostly steady.
June 2000 +1.0 0.0 Expanded, but growth is easing.
April 2000 +1.0 0.0 Expanded moderately in March and April.
February 2000 +1.0 +0.5 Expanding moderately with gains in most sectors.
January 2000 +1.0 +0.5 Activity continued at high levels.
November 1999 +1.0 +0.5 Moved up, on balance.
October 1999 +1.0 +0.5 Continued on an upward path.
September 1999 +1.0 +0.5 Improving moderately.
August 1999 +1.0 +0.5 Advanced moderately; spending robust.
June 1999 +1.0 +1.0 Business activity continued to increase.
April 1999 +1.0 +1.0 Economic activity continued to advance.
March 1999 +1.0 +1.0 Business conditions generally improved.
January 1999 +1.0 +1.0 Activity moving up as the new year began.
November 1998 +1.0 +0.5 Healthy conditions; manufacturing weak.
October 1998 0.0 0.0 Steady in most sectors, some slowing.
September 1998 0.0 −0.5 Mixed; slower growth expected.
July 1998 +1.0 0.0 High level, but growth eased.
June 1998 +1.0 +1.0 Continued growth in most sectors.
April 1998 +1.0 – Business conditions mainly positive.
March 1998 +1.0 +1.0 Mixed but positive overall.
January 1998 +1.0 +1.0 Moderate growth continued; contacts expect more.
November 1997 +1.0 – Improving modestly in November.
October 1997 0.0 – Mixed; manufacturing moderate, retail below year-ago.
September 1997 +1.0 – Increased moderately in August.
July 1997 +1.0 +0.5 Improved moderately; pickup continuing into July.
June 1997 0.0 0.0 Improving slightly in some sectors, steady in others.
April 1997 0.0 +0.5 Mixed; manufacturing edged up, retail slipped.
March 1997 +1.0 +0.5 Mixed, but slight improvement on balance.
January 1997 +1.0 +0.5 Moving up slowly; manufacturers expect improvement.