WASHINGTON, Jan. 15 (UPI) -- The U.S. Federal Reserve said Wednesday economic growth expanded "at a moderate pace" in most of its 12 districts from November until the end of 2013.
The central bank's periodic Beige Book report, named after the color of its cover, said the economy expanded "at a moderate pace," in nine districts with the Atlanta and Chicago districts reporting conditions had improved since the previous reporting period.
The report said districts of Boston and Philadelphia reported "modest" growth, while the economy in the Kansas City district "held steady."
While the Beige Book report does not address monetary policy directly, it paints a picture of the economy district by district.
"Two-thirds of districts noted increased hiring; the Richmond District cited 'numerous reports of strong labor demand,'" the Fed said.
The Beige Book is released eight times a year. Data collected from the current edition began in November and ended Jan. 6.
