Twelfth District Beige Book: October 2025

Economic activity in the Twelfth District edged down slightly during the mid-August to September reporting period.

Employment levels were little changed on net as most employers held head counts steady.
Wages grew slightly, and prices rose modestly.
Activity in retail trade and residential real estate decreased somewhat.
Commercial real estate activity was unchanged on balance.
Manufacturing and lending activity remained largely stable.
Conditions in agriculture and resource-related sectors weakened slightly.
Conditions in the consumer and business services sector were mixed.
Conditions in community support organizations and small businesses weakened modestly.

Contacts’ economic outlook weakened somewhat relative to the prior reporting period.

Employment levels were little changed on net over the reporting period.

Author's summary: Economic activity declined slightly.

Federal Reserve Bank of San Francisco — 2025-10-15