Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased somewhat but remains elevated.

Russia's war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty. The Committee is highly attentive to inflation risks. ...

Texas factory activity continued to increase but at a slower pace in January, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, came in at 16.6, an eight-month low but a reading still indicative of above-average ...

Tenth District manufacturing activity was mostly flat, and expectations for future activity moderated slightly. Monthly survey price indexes saw minimal growth in January. Price indexes remained above year-ago levels for most firms, and many firms expected some slowing in price gains over the next ...

The Chicago Fed National Activity Index (CFNAI) edged up to –0.49 in December from –0.51 in November. Three of the four broad categories of indicators used to construct the index made negative contributions in December, but two categories improved from November. The index’s three-month moving average, CFNAI-MA3, decreased to –0.33 in December ...

Fifth District manufacturing firms reported some deterioration in business conditions in January, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell noticeably into negative territory, decreasing from 1 in December to −11 in January. Each of its three component indexes: ...

Nonmanufacturing activity in the region expanded this month, according to the firms responding to the January Nonmanufacturing Business Outlook Survey. The indexes for general activity at the firm level, sales/revenues, new orders, and full-time employment all rose this month. The firms continued to report overall increases in both prices paid ...

Manufacturing activity in the region continued to decline overall, according to the firms responding to the January Manufacturing Business Outlook Survey. The survey's indicators for general activity, new orders, and shipments rose from last month, but the former two remained negative. The employment index rebounded. The firms reported ...

Overall economic activity was relatively unchanged since the previous report. Five Districts reported slight or modest increases in overall activity, six noted no change or slight declines, and one cited a significant decline. On balance, contacts generally expected little growth in the months ahead. Consumer spending increased slightly, with ...

Business activity contracted sharply in New York State, according to firms responding to the January 2023 Empire State Manufacturing Survey. The headline general business conditions index fell twenty-two points to -32.9. New orders and shipments declined substantially. Delivery times held steady, and inventories edged higher. Employment ...

Some Fifth District manufacturing firms reported modest improvements in December, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index climbed into positive territory, increasing from −9 in November to 1 in December. Each of its three component indexes — shipments, new orders ...

Growth in Texas factory activity resumed in December, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose nine points to 9.7, suggestive of a pickup in ...

Tenth District manufacturing activity declined at a slightly faster pace than last month, while expectations for future activity were mostly flat or slightly positive. The monthly index of raw materials prices continued to slow in December, but materials prices were still higher than a year ago at most firms and expected to rise moderately in ...

Nonmanufacturing activity in the region remained weak this month, according to the firms responding to the December Nonmanufacturing Business Outlook Survey. The index for general activity at the firm level turned positive but remained low. The new orders and sales/revenues indexes were negative, and the full-time employment index declined to ...

Business activity declined in New York State, according to firms responding to the December 2022 Empire State Manufacturing Survey. The headline general business conditions index fell sixteen points to -11.2. New orders moved slightly lower, while shipments edged higher. Delivery times and inventories were little changed. Labor market ...

Manufacturing activity in the region continued to decline overall in December, according to the firms responding to this month's Manufacturing Business Outlook Survey. The survey's broad indicators for current activity were all negative. The firms on balance also reported a decline in employment. The future indicators improved, suggesting that ...

Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader ...

Economic activity was about flat or up slightly since the previous report, down from the modest average pace of growth in the prior Beige Book period. Five Districts reported slight or modest gains in activity, and the rest experienced either no change or slight-to-modest declines. Interest rates and inflation continued to weigh on activity, ...

Growth in Texas factory activity abated in November, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell five points to near zero, suggesting little change in output ...

Some Fifth District manufacturing firms reported softening conditions in November, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index remained negative but edged up from −10 in October to −9 in November. Of its three component indexes, the indexes for shipments and ...

Responses to the November Nonmanufacturing Business Outlook Survey suggest weakened nonmanufacturing activity in the region. The index for general activity at the firm level fell into negative territory, and the index for new orders remained negative. The index for sales/revenues declined sharply but remained positive. The full-time ...

The Chicago Fed National Activity Index (CFNAI) decreased to –0.05 in October from +0.17 in September. Three of the four broad categories of indicators used to construct the index made negative contributions in October, and three categories deteriorated from September. The index’s three-month moving average, CFNAI-MA3, moved down to +0.09 ...

Tenth District manufacturing activity declined at a similar pace compared to last month, while expectations for future activity were mostly flat or slightly positive. The monthly index of raw materials prices continued to slow in November and decreased compared to a year ago. Finished goods price indexes increased slightly from a month ago ...

Manufacturing activity in the region continued to decline, according to the firms responding to the November Manufacturing Business Outlook Survey. The general activity index declined further, the new orders index remained negative, and the shipments index remained positive but low. The employment index declined but continued to suggest ...

Business activity edged slightly higher in New York State, according to firms responding to the November 2022 Empire State Manufacturing Survey. The headline general business conditions index climbed fourteen points to 4.5. New orders decreased slightly, while shipments expanded modestly. Delivery times were little changed, and inventories ...

The outlook for the U.S. economy looks weaker now than it did three months ago, according to 38 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The forecasters predict the economy will expand at an annual rate of 1.0 percent this quarter, down from the prediction of 1.2 percent in the last survey. Over the next three ...

Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader ...

Growth in Texas factory activity continued in October, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, edged down three points to 6.0, suggesting a slight deceleration in ...

Tenth District manufacturing activity declined slightly, and expectations for future activity also decreased. The monthly index of raw materials prices slowed in October and continued to decrease compared to a year ago. Finished goods price indexes decreased slightly from a month ago and compared to year-ago levels. Expectations for future ...

Many Fifth District manufacturing firms reported weaker conditions in October, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from 0 in September to −10 in October, dipping below its August level. Two of its three component indexes deteriorated notably: the indexes ...

Nonmanufacturing activity in the region continued to expand overall, according to the firms responding to the October Nonmanufacturing Business Outlook Survey. The survey's current indicator for general activity at the firm level decreased but remained positive, and the index for sales/revenues increased. However, the index for new orders ...

The Chicago Fed National Activity Index (CFNAI) was unchanged at +0.10 in September. Two of the four broad categories of indicators used to construct the index made positive contributions in September, but two categories deteriorated from August. The index’s three-month moving average, CFNAI-MA3, moved up to +0.17 in September from +0.04 ...

Manufacturing activity in the region continued to decline overall this month, according to the firms responding to the October Manufacturing Business Outlook Survey. The survey's indicators for general activity and new orders remained negative, and the shipments index was little changed at a low but positive reading. The firms continued to ...

National economic activity expanded modestly on net since the previous report; however, conditions varied across industries and Districts. Four Districts noted flat activity and two cited declines, with slowing or weak demand attributed to higher interest rates, inflation, and supply disruptions. Retail spending was relatively flat, ...

Business activity declined modestly in New York State, according to firms responding to the October 2022 Empire State Manufacturing Survey. The headline general business conditions index fell eight points to -9.1. New orders, unfilled orders, and shipments were all little changed from last month. Delivery times held steady, and inventories ...

Many Fifth District manufacturing firms reported little change in activity in September, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index rose from −8 in August to 0 in September, matching its July level. Two of its three component indexes improved notably: the indexes for ...

Growth in Texas factory activity picked up in September, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose eight points to 9.3, a reading suggestive of stronger ...

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) decreased to a neutral value in August from +0.29 in July. Three of the four broad categories of indicators used to construct the index made positive contributions in August, but three categories deteriorated from July. The index’s three-month ...

Tenth District manufacturing activity continued to decelerate in September, but growth remained slightly positive. Expectations for future activity remained moderate. Monthly survey price indexes saw slight growth from the previous month. Price indexes were still above year-ago levels for most firms, and most firms expected further price ...

Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader ...

Nonmanufacturing activity in the region expanded this month, according to the firms responding to the September Nonmanufacturing Business Outlook Survey. The indexes for general activity at the firm level, sales/revenues, and new orders increased this month, with the former two returning to positive territory. The index for full-time ...

Manufacturing activity in the region declined overall in September, according to the firms responding to this month's Manufacturing Business Outlook Survey. The indicator for current activity returned to negative territory, the new orders index remained negative, and the shipments index also declined but remained positive. The firms ...

Business activity held steady in New York State, according to firms responding to the September 2022 Empire State Manufacturing Survey. The headline general business conditions index climbed thirty points to -1.5. New orders edged higher, and shipments increased sharply. Delivery times held steady, and inventories expanded. Labor market ...

Economic activity was unchanged, on balance, since early July, with five Districts reporting slight to modest growth in activity and five others reporting slight to modest softening. Most Districts reported steady consumer spending as households continued to trade down and to shift spending away from discretionary goods and toward food and ...

Growth in Texas factory activity abated in August, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, ticked down to 1.2, a reading suggestive of very little change ...

Tenth District manufacturing activity growth slowed considerably in August but remained slightly positive. Expectations for future activity eased somewhat but were still solid overall. Monthly survey price indexes fell to their lowest levels in over a year. Both price indexes saw a significant easing in growth from a month and year ...

Nonmanufacturing business activity was mostly steady on balance this month, according to the firms responding to the August Nonmanufacturing Business Outlook Survey. The index for general activity at the firm level fell to zero, and the indexes for new orders and sales/revenues dipped into negative territory. The full-time employment ...

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.27 in July from –0.25 in June. All four broad categories of indicators used to construct the index made positive contributions in July, and all four categories improved from June. The index’s three-month moving average, CFNAI-MA3, ...

Manufacturing activity held mostly steady on balance, according to the firms responding to the August Manufacturing Business Outlook Survey. Most of the survey's indicators rose from last month. Although the general activity index turned positive, it was low, and the new orders index remained negative. The employment index increased, while ...

Business activity declined sharply in New York State, according to firms responding to the August 2022 Empire State Manufacturing Survey. The headline general business conditions index plummeted forty-two points to -31.3. New orders and shipments plunged, and unfilled orders declined. Delivery times held steady for the first time in nearly ...

The U.S. economy looks weaker now than it did three months ago, according to 35 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The panel predicts real GDP will grow at an annual rate of 1.4 percent this quarter, down from the prediction of 2.5 percent in the last survey. Over the next three quarters, the panelists also ...