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

San Francisco

Broadly steady; retail and residential real estate softened; outlook soft. (October 2026)

Overall read, every edition

−2.0−1.00+1.0+2.02000200420082012201620202024

By edition

EditionScoreOutlookIn brief
October 2026 0.0 −0.5 Broadly steady; retail and residential real estate softened; outlook soft.
August 2026 0.0 −0.5 Little changed; residential real estate declined; soft outlook.
July 2026 0.0 −0.5 Stable but somewhat muted; retail and services edged down.
May 2026 0.0 −1.0 Activity largely stable; weak outlook, slightly more optimistic
April 2026 0.0 −0.5 Stable at subdued levels; outlook weaker.
February 2026 −1.0 +0.5 Contracted slightly; tech layoffs, K-shaped spending.
January 2026 +1.0 +0.5 Expanded modestly; outlook improved slightly.
November 2025 0.0 0.0 Mixed; outlook little changed.
October 2025 −1.0 −1.0 Edged down slightly; outlook weakened somewhat.
August 2025 −1.0 −1.0 Edged down slightly; outlook weakened some.
July 2025 0.0 −1.0 Largely stable; contingency planning for higher inflation.
May 2025 −1.0 −1.0 Slowed slightly; outlook slightly more positive but downtrodden.
April 2025 −1.0 −2.0 Slowed slightly; outlook worsened materially.
February 2025 −1.0 −1.0 Ticked down; retail fell modestly, manufacturing improved.
January 2025 +1.0 −1.0 Expanded slightly; retail up modestly, outlook worsened slightly.
November 2024 0.0 +0.5 Stable.
October 2024 0.0 +0.5 Remained stable.
August 2024 0.0 0.0 Remained stable.
July 2024 0.0 0.0 Stable.
May 2024 0.0 0.0 Unchanged.
April 2024 +0.5 0.0 Grew at a slight pace.
February 2024 +0.5 0.0 Grew slightly.
January 2024 0.0 0.0 Stable overall.
November 2023 −0.5 −0.5 Softened slightly.
October 2023 0.0 0.0 Stable on net.
August 2023 +0.5 0.0 Strengthened slightly.
June 2023 −0.5 −0.5 Softened modestly.
May 2023 +0.5 0.0 Expanded somewhat.
April 2023 +0.5 −0.5 Expanded slightly.
February 2023 +0.5 0.0 Expanded modestly.
January 2023 +0.5 0.0 Expanded modestly.
November 2022 +0.5 −0.5 Expanded modestly.
October 2022 +0.5 −0.5 Expanded modestly.
August 2022 +0.5 0.0 Expanded modestly.
July 2022 +0.5 −0.5 Expanded modestly.
May 2022 +1.0 0.0 Expanded moderately.
April 2022 +1.0 +0.5 Expanded at a moderate pace.
February 2022 +1.0 +1.0 Strengthened moderately.
January 2022 +0.5 +0.5 Strengthened modestly.
November 2021 +1.0 +1.0 Strengthened moderately.
October 2021 +1.0 +0.5 Strengthened moderately.
August 2021 +1.0 +0.5 Increased at a moderate pace.
July 2021 +2.0 +1.0 Expanded notably.
May 2021 +2.0 +1.0 Expanded significantly.
April 2021 +1.0 +1.0 Expanded at a moderate pace.
February 2021 +0.5 +0.5 Expanded at a modest pace.
January 2021 +0.5 +0.5 Modest growth; holiday retail picked up.
November 2020 +0.5 +0.5 Expanded modestly.
October 2020 +1.0 +0.5 Expanded moderately.
August 2020 +0.5 0.0 Expanded slightly.
July 2020 −0.5 0.0 Contracted modestly.
May 2020 −2.0 −1.5 Contracted markedly.
April 2020 −1.5 −1.5 Contracted notably.
February 2020 +0.5 +0.5 Expanded at a modest pace.
January 2020 +0.5 +0.5 Expanded at a modest pace.
November 2019 +0.5 +0.5 Expanded at a modest pace.
October 2019 +0.5 +0.5 Expanded at a modest pace.
August 2019 +1.0 +0.5 Expanded at a moderate pace.
July 2019 +1.0 +0.5 Expanded at a moderate pace.
May 2019 +1.0 +0.5 Expanded at a moderate pace.
April 2019 +1.0 +0.5 Expanded at a moderate pace.
February 2019 +1.0 +0.5 Moderate growth; services strong.
January 2019 +1.0 +0.5 Expanded at a moderate pace.
November 2018 +1.0 +0.5 Expanded at a moderate pace.
October 2018 +1.0 +0.5 Expanded at a moderate pace.
August 2018 +1.0 +0.5 Expanded at a moderate pace.
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 Expanded at a moderate pace.
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 +0.5 Expanded at a moderate pace.
October 2017 +1.0 +0.5 Expanded at a moderate pace.
August 2017 +1.0 +0.5 Expanded at a moderate pace.
June 2017 +1.0 +0.5 Continued at a moderate pace.
May 2017 +1.0 +0.5 Expanded at a moderate pace.
April 2017 +1.0 +0.5 Continued to expand at a moderate pace.
February 2017 +1.0 +0.5 Moderate pace.
January 2017 +1.0 +0.5 Moderate pace.
November 2016 +1.0 +0.5 Moderate pace.
October 2016 +1.0 +0.5 Moderate pace.
August 2016 +1.0 +0.5 Moderate pace.
July 2016 +1.0 +0.5 Moderate pace.
May 2016 +1.0 +0.5 Grew at a moderate pace.
April 2016 +1.0 +0.5 Grew at a moderate pace.
February 2016 +1.0 +0.5 Grew at a moderate pace.
January 2016 +1.0 +0.5 Grew at a moderate pace.
November 2015 +1.0 +0.5 Grew at a moderate pace.
October 2015 +1.0 +0.5 Grew at a moderate pace.
August 2015 +1.0 +0.5 Grew at a moderate pace.
July 2015 +1.0 +0.5 Grew at a moderate pace.
May 2015 +1.0 +0.5 Expanded at a moderate pace.
April 2015 +1.0 +0.5 Improve moderately.
February 2015 +1.0 +0.5 Improve moderately.
January 2015 +1.0 +1.0 Improve moderately.
November 2014 +1.0 +0.5 Improve moderately.
October 2014 +1.0 +0.5 Improve moderately.
August 2014 +1.0 +0.5 Improve moderately.
July 2014 +1.0 +0.5 Improve moderately.
May 2014 +1.0 +0.5 Improve moderately.
April 2014 +1.0 +0.5 Improved moderately.
February 2014 +1.0 +0.5 Expanded at a moderate pace.
January 2014 +1.0 +0.5 Expanded at a moderate pace.
November 2013 +0.5 +0.5 Expanded at a modest pace.
October 2013 +0.5 +0.5 Expanded at a modest pace.
August 2013 +0.5 +0.5 Expanded at a modest pace.
July 2013 +0.5 +0.5 Expanded at a modest 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 modest pace.
January 2013 +0.5 0.0 Expanded at a modest pace.
November 2012 +0.5 0.0 Expanded at a modest pace.
September 2012 +0.5 0.0 Grew at a modest pace.
August 2012 +0.5 0.0 Continued to expand at a modest pace.
July 2012 +0.5 +0.5 Expanded at a modest pace.
May 2012 +1.0 +0.5 Continued to grow at a moderate pace.
April 2012 +1.0 +0.5 Continued to expand at a moderate pace.
February 2012 +1.0 +0.5 Continued to grow at a moderate pace.
December 2011 +1.0 0.0 Continued to grow at a moderate pace.
November 2011 +1.0 0.0 Grew moderately.
October 2011 +1.0 0.0 Grew at a moderate pace.
August 2011 +0.5 0.0 Expanded modestly.
July 2011 +0.5 +0.5 Grew modestly.
May 2011 +1.0 +0.5 Expanded at a moderate pace.
April 2011 +1.0 +0.5 Expanded moderately.
February 2011 +1.0 +0.5 Posted further gains.
January 2011 +0.5 +0.5 Firmed further.
November 2010 +0.5 +0.5 Continued to edge up.
October 2010 +0.5 +0.5 Further modest growth.
August 2010 +0.5 0.0 Expanded modestly.
July 2010 +0.5 0.0 Picked up slightly.
May 2010 +0.5 +0.5 Further modest improvement.
April 2010 +0.5 +0.5 Continued to improve modestly.
February 2010 +0.5 +0.5 Increased modestly.
January 2010 +0.5 +0.5 Picked up slightly.
November 2009 +0.5 +0.5 Picked up modestly.
October 2009 +0.5 +0.5 Picked up slightly.
August 2009 0.0 +0.5 Scattered signs of firming.
July 2009 0.0 0.0 Largely steady; IT products improved further.
June 2009 −1.0 0.0 Slowed further; IT products improving.
April 2009 −1.0 −0.5 Continued to slow; IT products firmed slightly.
February 2009 −1.5 −1.5 Slowed further; housing markets moribund.
January 2009 −2.0 −1.5 Weakened; manufacturing dropped significantly.
November 2008 −2.0 −1.5 Weakened decidedly; credit sharply restricted.
October 2008 −1.5 −1.0 Weakened further; credit availability dropped.
August 2008 −1.0 – Subdued; housing slump continued.
July 2008 0.0 – Little or no growth; truck-SUV wholesale 'collapse'.
June 2008 0.0 – Little changed; housing exceptionally weak.
April 2008 0.0 – Largely flat on net.
February 2008 +1.0 – Grew modestly; manufacturing expanded slightly.
January 2008 0.0 0.0 Grew modestly.
November 2007 0.0 0.0 Expanded; further deceleration.
October 2007 +0.5 +0.5 Expanded; further deceleration.
August 2007 +0.5 +0.5 Expanded; momentum slowed a bit.
July 2007 +0.5 +0.5 Expanded at a moderate pace.
June 2007 +0.5 +0.5 Expanded at a moderate pace.
April 2007 +0.5 +0.5 Expanded at a moderate pace.
February 2007 +1.0 +1.0 Grew at a moderate pace.
January 2007 +1.0 +1.0 Expanded at a moderate pace.
November 2006 +0.5 +0.5 Moderate expansion.
October 2006 +0.5 +0.5 Expanded at a moderate pace.
August 2006 +1.0 +1.0 Solid but reduced pace.
July 2006 +0.5 +0.5 Solid expansion, moderating.
June 2006 +1.0 +1.0 Expanded at a solid pace.
April 2006 +1.0 +1.0 Expanded at a solid pace.
March 2006 +1.0 +1.0 Solid expansion on track.
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 further.
August 2005 +1.0 +1.0 Expanded at a solid pace.
July 2005 +1.0 +1.0 Solid growth.
June 2005 +1.0 +1.0 Expanded at a solid pace.
April 2005 +1.0 +1.0 Expanded at a solid pace.
February 2005 +1.0 +1.0 Expanded at a solid pace.
January 2005 +1.0 +1.0 Expanded at a solid pace.
November 2004 +1.5 +1.0 Expanded solidly.
October 2004 +1.0 +0.5 Expanded at a solid pace.
September 2004 +1.0 +1.0 Expanded at a solid pace.
July 2004 +1.0 +1.0 Expanded at a solid pace.
June 2004 +1.5 +1.0 Expanded at a solid pace.
April 2004 +1.5 +1.0 Acquired additional momentum.
February 2004 +1.0 +1.0 Expanded soundly.
January 2004 +1.0 +0.5 Expanded soundly.
November 2003 +1.0 +0.5 Solid growth.
October 2003 +0.5 +0.5 Some further pickup.
July 2003 0.0 +0.5 Continued to be sluggish.
June 2003 0.0 0.0 Continued sluggish growth.
April 2003 −0.5 0.0 Sluggish.
February 2003 −0.5 −0.5 Continued sluggish growth.
January 2003 0.0 0.0 Sluggish growth.
November 2002 0.0 – Sluggish activity; growth down from previous period.
October 2002 +1.0 – Economic activity grew modestly.
September 2002 +1.0 – Modest economic growth.
July 2002 +1.0 – Activity continued to expand at a moderate pace.
June 2002 +1.0 +0.5 Activity expanded at a moderate pace.
April 2002 +1.0 0.0 Slow but steady improvement.
February 2002 0.0 – Pickup in economic activity in January and early February.
January 2002 −1.0 – Activity continued to contract slightly.
November 2001 −1.0 −0.5 Activity weak, though limited further deterioration.
October 2001 −1.0 −0.5 Activity slowed as attacks added to underlying weakness.
September 2001 0.0 −0.5 Additional slowing in growth.
July 2001 0.0 – Continued slowing in growth.
June 2001 0.0 – Deceleration in economic growth.
April 2001 +1.0 – Continued expansion, more slowing.
February 2001 +1.0 – More modest growth.
January 2001 +1.0 – Continued expansion, signs of slowing.
November 2000 +1.0 – Overall solid expansion.
October 2000 +1.0 – Continued solid expansion.
September 2000 +1.0 – Overall solid performance.
July 2000 +1.0 – Continued solid expansion.
June 2000 +1.0 – Solid expansion with some moderation.
April 2000 +2.0 – Continued strong performance.
February 2000 +2.0 – Strong performance in recent weeks.
January 2000 +2.0 – Continued strong performance.
November 1999 +2.0 +1.0 Solid expansion of economic activity.
October 1999 +2.0 +0.5 Continued strong performance.
September 1999 +2.0 +1.0 Continued strong economic conditions.
August 1999 +2.0 +1.0 Strong economic conditions.
June 1999 +2.0 +1.0 Robust economic conditions.
April 1999 +2.0 +1.0 Robust economic activity.
March 1999 +2.0 +1.0 Strong performance in recent weeks.
January 1999 +1.0 −0.5 Solid but tempered expansion.
November 1998 +1.0 −0.5 Moderate pace of growth.
October 1998 +1.0 −1.0 Moderate pace with slowing.
September 1998 +1.0 −0.5 Moderate growth, tempered outlook.
July 1998 +1.0 +0.5 Solid pace with moderation in some sectors.
June 1998 +1.0 +0.5 Expanded at a solid clip.
April 1998 +2.0 +0.5 Grew at a strong pace.
March 1998 +2.0 +0.5 Continued its vigorous economic expansion.
January 1998 +1.0 +0.5 Favorable conditions; more tempered 1998 outlook.
November 1997 +1.0 +1.0 Solid growth; constraints beginning to dampen pace.
October 1997 +2.0 +1.0 Strong pace of growth in most states.
September 1997 +2.0 +1.0 Vigorous economic activity.
July 1997 +2.0 +1.0 Robust economic conditions.
June 1997 +2.0 +1.0 Strong performance; capacity constraints tightening.
April 1997 +2.0 +0.5 Continued strong growth in most states.
March 1997 +2.0 +1.0 Strong pace of growth in most states.
January 1997 +2.0 +1.0 Continued strong expansion in most states.