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Fed's Beige Book: U.S. Recovery Proceeds At 'Moderate Pace'
Thursday, January 16, 2014 7:00 AM

The U.S. economy expanded at a moderate pace in the final weeks of 2013, according to the Federal Reserve's collection of anecdotal information known as the Beige Book.

Two-thirds of the 12 districts reported increases in hiring, with most districts expecting the "more of the same" into the New Year. Three-quarters of the Districts indicated that retail activity had increased since the last Beige Book report. All Districts reported year-over-year increases in manufacturing activity.

The recovery in housing continued in most regions. Although a few Districts indicated home sales or residential construction in some areas had slowed or declined in recent months, most cited increased residential sales activity and construction as well as rising home prices.