Fed's Beige Book: U.S. Recovery Proceeds At 'Moderate Pace'

(RTTNews) - The United States 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.

Federal Reserve officials must decide whether the economy is expanding at a strong enough pace to warrant scaling back its quantitative easing program for a second month in a row.

Today's Beige Book will likely provide ammunition for hawkish members who say the $75 billion per month bond-buying plan has outlived its usefulness.