US Federal Reserve Beige Book – January 2026

Economic Activity Across Federal Reserve Districts

In the latest assessment, eight out of twelve Federal Reserve Districts experienced a slight to moderate uptick in economic activity. Three districts saw no significant movement, while one district reported a modest decrease. This represents a positive shift compared to the previous three reporting periods, during which most districts observed minimal changes.

Consumer spending saw a mild to moderate rise at most banks, a trend largely fueled by the holiday shopping period. Additionally, several districts highlighted that individuals with higher incomes contributed more to spending, particularly on luxury items, travel, tourism, and unique experiences.