Fed Beige Book: US economic activity rose slightly, with signs inflation may be improving

According to the US Federal Reserve's Beige Book released on Wednesday, July 15, 2026, economic activity increased slightly in recent weeks, employment rose, and businesses and households indicated inflation may have improved. Ten of the twelve Fed districts reported slight to moderate growth, one reported a slight decline and one no change.

Prices rose moderately overall, with some contacts tying the cost increases to the conflict in West Asia and others to tariffs. Manufacturing hiring was the strongest sector in several districts, supported by defense-related activity and data-center demand. Even so, several districts flagged elevated uncertainty over fuel costs in the outlook ahead.