Beige Book Shows U.S. Economy Expanding At Moderate Pace

(RTTNews) - The U.S. economy is continuing to grow at a "modest to moderate" pace, the Federal Reserve reported Wednesday in its Beige Book.

Manufacturing expanded and consumer spending picked up along with residential construction, according to the Fed's collection of anecdotal findings from across its twelve districts.

Hiring held steady or increased at a measured pace in most Districts, but the Fed noted some reluctance to hire permanent or full-time workers.

Manufacturing slowed in the Kansas City district, with storms forcing the postponement of some projects.

Residential real estate activity increased at a moderate to strong pace in most Districts. Most Districts reported increases in home sales, the Beige Book read.