Key Summary

The Federal Reserve updated its August 2026 Beige Book on September 2. Ten of the 12 Federal Reserve Districts reported slight to moderate growth, while two reported no change.

Front view of the Marriner S. Eccles Building, headquarters of the U.S. Federal Reserve Board, in a public-domain image
Front view of the Marriner S. Eccles Building, headquarters of the U.S. Federal Reserve Board · Wikimedia Commons · Public domain · Federalreserve

Employment increased very slightly overall. Prices rose moderately in eight districts, while manufacturing data showed continued expansion alongside slower growth in new orders and employment and persistent price pressures.

The current data point to a mixed set of signals that is difficult to characterize in a single direction.

Essential Facts

  • Overall employment in the Beige Book increased very slightly. Three districts reported moderate growth, four reported slight growth, and five reported no change.
  • Prices rose moderately in eight districts. Three districts reported slower price growth than in the previous report, one reported faster growth, and eight reported no change.
  • The ISM August manufacturing PMI was 54.6, down 1.0 point from July, but manufacturing remained in expansion for the eighth consecutive month.
  • The ISM new orders index fell 3.0 points to 53.7, while the employment index fell 1.6 points to 51.2.
  • The prices index was 71.1, unchanged from July, and raw-material prices increased for the 23rd consecutive month.
Official Federal Reserve video · The Beige Book: Summary of Commentary on Current Economic Conditions by Federal Reserve DistrictWatch on YouTube

One-Line Background

The Beige Book is based on surveys conducted by the Federal Reserve Districts, while the ISM PMI is a survey of manufacturing supply-management professionals. The two reports should therefore be read as indicators showing only certain aspects of the U.S. economy.

The Beige Book said the outlook was generally positive, but noted increased uncertainty about the effects of high energy prices, policy, and international conflicts. Taken together, the Beige Book and PMI show that expansion is continuing, while growth in new orders and employment is slowing and price pressures remain elevated.

Next Event

The FOMC’s next regular meeting is scheduled for September 15–16, 2026. The Beige Book and PMI do not present the conclusions of that meeting; they are regional economic and manufacturing survey indicators available ahead of it.

Rather than drawing firm conclusions about the direction of interest rates or the potential impact on South Korean financial markets from these materials alone, it is important to see what assessment is presented at the next official event.

Source Check

  • Federal Reserve, ‘Beige Book - August 2026’ — checked at: 2026-09-02 22:35 UTC

https://www.federalreserve.gov/monetarypolicy/beigebook202608-summary.htm

  • Institute for Supply Management, ‘August 2026 ISM Manufacturing PMI Report’ — checked at: 2026-09-02 22:35 UTC

https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/august/

  • Federal Reserve, ‘Meeting calendars and information’ — checked at: 2026-09-02 22:35 UTC

https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

  • Reuters report — checked at: 2026-09-02 22:35 UTC

https://www.marketscreener.com/news/fed-survey-shows-economic-activity-edged-up-prices-rose-moderately-in-recent-weeks-ce7858d3db8df623