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

Richmond

Grew moderately; consumer spending solid and hotels strong; manufacturing flat. (October 2026)

Overall read, every edition

−2.0−1.00+1.0+2.02000200420082012201620202024

By edition

EditionScoreOutlookIn brief
October 2026 +1.5 – Grew moderately; consumer spending solid and hotels strong; manufacturing flat.
August 2026 +1.5 – Expanded moderately; travel and ports grew; other sectors flat to down.
July 2026 +1.5 – Expanded moderately; consumer spending grew despite trade-downs.
May 2026 +1.0 – Regional economy continued to grow modestly
April 2026 +1.0 – Continued to grow modestly; consumer spending up.
February 2026 +1.0 – Continued to grow modestly; CRE up moderately.
January 2026 +1.0 – Grew modestly; travel up, manufacturing down slightly.
November 2025 +1.0 – Continued to grow modestly; consumer spending up.
October 2025 +1.0 – Grew modestly; consumer spending up modestly.
August 2025 +1.0 – Grew modestly, led by consumer spending.
July 2025 +2.0 – Grew moderately; consumer spending up modest to moderate.
May 2025 +1.0 −1.0 Grew mildly; ports surged on import front-loading.
April 2025 +1.0 −1.0 Grew slightly despite federal staffing and contract cuts.
February 2025 +1.0 0.0 Grew modestly; consumer spending slowed, manufacturing flat.
January 2025 +1.0 0.0 Grew modestly; holiday spending moderate, manufacturing slowed slightly.
November 2024 +0.5 +0.5 Grew slightly.
October 2024 +0.5 0.0 Grew modestly.
August 2024 −0.5 0.0 Contracted slightly.
July 2024 +0.5 0.0 Grew slightly.
May 2024 +0.5 0.0 Expanded modestly.
April 2024 +0.5 0.0 Grew at slight pace.
February 2024 0.0 0.0 Little growth.
January 2024 +0.5 0.0 Grew mildly.
November 2023 +0.5 0.0 Grew slightly.
October 2023 −0.5 −0.5 Contracted slightly.
August 2023 +0.5 0.0 Grew slightly.
June 2023 +0.5 0.0 Grew slightly.
May 2023 0.0 0.0 Little changed.
April 2023 −0.5 −0.5 Contracted slightly.
February 2023 +0.5 0.0 Grew at a modest rate.
January 2023 +0.5 0.0 Grew at a slight pace.
November 2022 +0.5 −0.5 Expanded slightly.
October 2022 0.0 −0.5 Little changed.
August 2022 −0.5 −0.5 Slowed slightly.
July 2022 +0.5 0.0 Grew modestly, signs of slowing.
May 2022 +0.5 0.0 Grew at a modest rate.
April 2022 +1.0 0.0 Grew moderately.
February 2022 +1.0 +0.5 Grew moderately.
January 2022 +0.5 +0.5 Grew modestly.
November 2021 +0.5 +0.5 Expanded at a modest rate.
October 2021 +0.5 +0.5 Increased at a modest rate.
August 2021 +1.0 +1.0 Expanded moderately.
July 2021 +1.0 +1.0 Grew moderately.
May 2021 +1.0 +1.0 Expanded moderately.
April 2021 +1.0 +1.0 Grew moderately.
February 2021 +0.5 +0.5 Continued to grow modestly.
January 2021 +0.5 +0.5 Modest growth; manufacturing up.
November 2020 +1.0 +0.5 Expanded at a moderate rate.
October 2020 +0.5 +0.5 Increased modestly.
August 2020 +0.5 +0.5 Continued to expand.
July 2020 +1.0 +0.5 Grew compared to prior report.
May 2020 −1.5 −1.5 Continued to decline.
April 2020 −1.5 −1.5 Declined across many sectors.
February 2020 +1.0 +0.5 Grew moderately.
January 2020 +1.0 +0.5 Grew moderately.
November 2019 +1.0 +0.5 Grew moderately.
October 2019 +0.5 +0.5 Grew modestly.
August 2019 +0.5 +0.5 Grew at a modest rate.
July 2019 +0.5 +0.5 Grew at a modest rate.
May 2019 +0.5 +0.5 Grew at a modest pace.
April 2019 +1.0 +0.5 Grew moderately.
February 2019 +0.5 +0.5 Modest growth; ports robust.
January 2019 +0.5 0.0 Expanded at a modest rate.
November 2018 +1.0 +0.5 Grew at a moderate rate.
October 2018 +1.0 +0.5 Expanded at a moderate rate.
August 2018 +1.0 +0.5 Expanded at a moderate rate.
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 Grew moderately.
February 2018 +1.0 +0.5 Expanded at a moderate pace.
January 2018 +1.0 +0.5 Expanded at a moderate pace.
November 2017 +1.0 +1.0 Grew at a moderate rate.
October 2017 +1.0 +0.5 Grew at a moderate pace.
August 2017 +0.5 +0.5 Continued to expand modestly.
June 2017 +0.5 +0.5 Expanded modestly, somewhat faster.
May 2017 +0.5 +0.5 Expanded at a modest pace.
April 2017 +0.5 +0.5 Expanded modestly.
February 2017 +1.0 +1.0 Grew moderately.
January 2017 +1.0 +1.0 Increased at a moderate pace.
November 2016 0.0 +0.5 Mixed signals.
October 2016 +0.5 +0.5 Rose modestly.
August 2016 +0.2 +0.5 Growth slowed.
July 2016 +0.5 +0.5 Expanded modestly.
May 2016 +0.5 +0.5 Continued to expand.
April 2016 +1.0 +0.5 Strengthened.
February 2016 +1.0 +0.5 Grew moderately.
January 2016 +0.5 +0.5 Strengthened modestly.
November 2015 +0.5 +0.5 Strengthened modestly.
October 2015 +0.5 +0.5 Growth moderated.
August 2015 +1.0 +0.5 Grew moderately.
July 2015 +1.0 +0.5 Strengthened moderately.
May 2015 +1.0 +0.5 Grew moderately.
April 2015 +1.0 +1.0 Grew at a moderately faster pace.
February 2015 +0.2 +1.0 Grew at a slower pace.
January 2015 +0.5 +0.5 Expanded modestly.
November 2014 +1.0 +0.5 Strengthened moderately.
October 2014 +0.5 +0.5 Improved modestly.
August 2014 +1.0 +1.0 Strengthened further.
July 2014 +0.5 +0.5 Grew modestly.
May 2014 +1.0 +1.0 Expanded moderately.
April 2014 +1.0 +0.5 Expanded moderately.
February 2014 +0.5 +0.5 Increased modestly.
January 2014 +1.0 +0.5 Grew at a moderate pace.
November 2013 +1.0 +0.5 Expanded moderately.
October 2013 +0.5 +0.5 Improved modestly.
August 2013 +1.0 +0.5 Moderate growth, retail weakened.
July 2013 +1.0 +0.5 Strengthened moderately.
May 2013 +0.5 +0.5 Strengthened modestly.
April 2013 +1.0 0.0 Grew moderately.
February 2013 +1.0 0.0 Grew moderately.
January 2013 +0.5 0.0 Grew at a modest pace.
November 2012 +0.5 0.0 Strengthened at a tempered pace.
September 2012 +0.5 0.0 Improved modestly.
August 2012 0.0 −0.5 Improved somewhat; manufacturing weakened.
July 2012 0.0 0.0 Mixed reports.
May 2012 +0.5 0.0 Improved modestly.
April 2012 +1.0 +0.5 Business conditions have improved.
February 2012 +0.5 +0.5 Improved in most sectors.
December 2011 0.0 +0.5 Flattened or improved slightly.
November 2011 +0.5 0.0 Retail rebounded.
October 2011 −1.0 −0.5 Weak or weakening in most sectors.
August 2011 −0.5 0.0 Slowed.
July 2011 0.0 0.0 Unchanged or slightly improved.
May 2011 0.0 0.0 Increasingly mixed signals.
April 2011 +0.5 +0.5 Generally improved.
February 2011 +0.5 +0.5 Modest improvement across most sectors.
January 2011 +1.0 +0.5 Improved over the last four to six weeks.
November 2010 +1.0 +0.5 Increased at least moderately.
October 2010 0.0 +0.5 Mixed.
August 2010 0.0 0.0 Signs of slowing more prevalent.
July 2010 +0.5 0.0 Mixed or modestly improving.
May 2010 +1.0 +0.5 Moderate gains; manufacturing a bright spot.
April 2010 +0.5 +0.5 Improved.
February 2010 −0.5 +0.5 Slackened, largely on severe winter storms.
January 2010 0.0 +0.5 Varied; some sectors contracting.
November 2009 0.0 +0.5 More mixed; manufacturing stalled.
October 2009 +0.5 +0.5 Mixed or improving; manufacturing leading.
August 2009 0.0 +0.5 Continuing signs of improvement.
July 2009 −1.0 0.0 Weak; manufacturing strengthening.
June 2009 −0.5 0.0 Sluggish; encouraging trends emerging.
April 2009 −1.5 −0.5 Softened further; scattered positive reports.
February 2009 −1.5 −1.5 Declined further; refinancing a bright spot.
January 2009 −1.5 −1.5 Slowed further; disappointing holiday sales.
November 2008 −1.5 −1.5 Weakened; exports declined.
October 2008 −1.0 −1.0 Weakened; credit availability reduced.
August 2008 −1.0 – Remained weak; tourism a bright spot.
July 2008 −1.0 – Weakened further; exports growing.
June 2008 −1.0 – Edged lower; retail declining.
April 2008 0.0 – Advanced at a sluggish pace with a few signs of improvement.
February 2008 −1.0 – Economy lost some additional momentum.
January 2008 −0.5 −0.5 Slowed further.
November 2007 −0.5 −0.5 Weakened somewhat.
October 2007 0.0 0.0 Continued to cool.
August 2007 0.0 0.0 Grew at a somewhat slower pace.
July 2007 +0.5 +0.5 Advanced at a moderate pace.
June 2007 +0.5 +0.5 Growth picked up a bit.
April 2007 0.0 0.0 Expanded at a slower pace.
February 2007 +0.5 +0.5 Expanded modestly.
January 2007 +0.5 +0.5 Expanded modestly.
November 2006 +1.0 +1.0 Economy strengthened.
October 2006 +0.5 +0.5 Expanded at a moderate pace.
August 2006 0.0 0.0 Grew at a slow pace.
July 2006 0.0 0.0 Grew more slowly.
June 2006 0.0 0.0 Grew more slowly.
April 2006 +1.0 +1.0 Expanded at a somewhat quicker pace.
March 2006 +0.5 +0.5 Growth moderated.
January 2006 +1.0 +1.0 Expanded at a solid pace.
November 2005 +1.0 +1.0 Expanded at a solid pace.
October 2005 +1.0 +1.0 Expanded at a quicker pace.
August 2005 +1.0 +1.0 Expanded at a solid pace.
July 2005 +1.0 +1.0 Expanded at a quicker pace.
June 2005 +1.0 +1.0 Expanded at a moderate pace.
April 2005 +0.5 +1.0 Restrained in March, gaining momentum in April.
February 2005 +0.5 +0.5 Expanded at a somewhat slower pace.
January 2005 +1.0 +1.0 Expanded at a quicker pace.
November 2004 +0.5 +0.5 Expanded at a moderate pace.
October 2004 +1.0 +1.0 Expanded at a quicker pace.
September 2004 +0.5 +0.5 Expanded more modestly.
July 2004 +0.5 +0.5 Expanded at a more moderate pace.
June 2004 +1.5 +1.0 Pace of expansion quickened.
April 2004 +0.5 +1.0 Expanded at a moderate pace.
February 2004 +1.5 +1.0 Activity quickened.
January 2004 +0.5 +0.5 Expanded at a moderate rate.
November 2003 +1.0 +0.5 Picked up a notch.
October 2003 0.0 0.0 Advanced at a modest pace.
July 2003 +0.5 0.0 Modest gains.
June 2003 −0.5 +0.5 Subpar.
April 2003 0.0 0.0 Continued to be modest.
February 2003 +0.5 0.0 Grew modestly.
January 2003 0.0 +0.5 Remained sluggish.
November 2002 0.0 +0.5 Economic activity grew more slowly.
October 2002 +1.0 +0.5 Economic growth remained moderate.
September 2002 0.0 – Only scattered signs of growth.
July 2002 +1.0 +0.5 Continued to expand at a modest pace.
June 2002 +1.0 – Activity increased modestly but unevenly.
April 2002 +1.0 +0.5 Expanded at a modest pace, led by manufacturing and retail.
February 2002 +1.0 +1.0 Activity advanced at a moderate pace.
January 2002 0.0 +0.5 Activity mixed; services up, manufacturing and retail down.
November 2001 −1.0 0.0 Activity edged lower as services and manufacturing softened.
October 2001 −1.0 0.0 Activity contracted slightly as consumers pulled back.
September 2001 +1.0 0.0 Advanced at a modest pace.
July 2001 0.0 +0.5 Advanced at a slow pace.
June 2001 +1.0 −0.5 Grew slightly.
April 2001 +1.0 – Expanded at a modest pace.
February 2001 0.0 +0.5 Generally remained sluggish.
January 2001 0.0 +0.5 Growth continued to slow.
November 2000 +1.0 – More moderate pace, still high.
October 2000 +1.0 – Solid pace, less rapid.
September 2000 +2.0 +0.5 Expanded at a quicker pace.
July 2000 +1.0 – Moderated but remained high.
June 2000 +1.0 – Strong pace with scattered signs of slowing.
April 2000 +1.0 – Vibrant but expanding slightly slower.
February 2000 +2.0 – Advanced at a quicker pace.
January 2000 +2.0 – Expanded at a rapid pace.
November 1999 +2.0 – Continued to advance at a solid pace.
October 1999 +1.0 – Advanced at a solid pace.
September 1999 +1.0 – Growth slipped a notch.
August 1999 +2.0 – Advanced at a brisk pace.
June 1999 +2.0 – Advanced at a rapid clip.
April 1999 +2.0 – Advanced at a quicker pace.
March 1999 +1.0 +0.5 Advanced at a healthy pace.
January 1999 +1.0 +0.5 Expanded at a faster pace.
November 1998 +1.0 +0.5 Continued to expand at a moderate pace.
October 1998 +1.0 0.0 Advanced at a moderate pace.
September 1998 0.0 −0.5 Growth moderated.
July 1998 +1.0 +1.0 Continued to grow at a moderate pace.
June 1998 +1.0 +0.5 Grew moderately despite manufacturing pullback.
April 1998 +1.0 +1.0 Expanded at a moderate pace.
March 1998 +1.0 – Expanded at a somewhat faster clip.
January 1998 +1.0 +0.5 Expanded moderately despite sharp manufacturing slowdown.
November 1997 +1.0 +0.5 Expanding moderately; growth picked up in a few sectors.
October 1997 +1.0 +0.5 Moderate expansion from a high level.
September 1997 +1.0 +0.5 Pace picked up; manufacturing quickened.
July 1997 +1.0 0.0 Grew at a faster rate, led by services and retail.
June 1997 +1.0 0.0 Growth remained brisk; retail lost some vigor.
April 1997 +1.0 +0.5 Expanded faster, balanced across sectors.
March 1997 +1.0 +0.5 Advanced at a moderate pace; retail strongest in years.
January 1997 +1.0 +0.5 High level, but growth moderated.