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The Fed's Beige Book, a summary of economic conditions across the central bank's 12 regional districts, said the economy grew across all regions at a "modest" or "moderate" pace since November. That is largely in line with how the economy has performed for much of the past two years.

The Fed's beige book was prepared by the Federal Reserve Bank of Philadelphia based on information gathered on or before Jan. 4 and will be used for discussions at the Fed's next policy meeting on Jan. 29-30.

All 12 regions reported some growth in consumer spending and almost all areas saw either steady or expanding real-estate activity. Sales of both existing and new homes—as well as prices—picked up in nearly all districts. Commercial real-estate activity was a bit weaker, notching "slight to modest growth."



http://online.wsj.com/article/SB10001424127887323968304578245910742501952.html