US economy growing slowly

The US economy continued to grow in recent weeks, but only at a moderate pace at best though there were continued signs of improvement, the Federal Reserve said in a report Wednesday. The Beige Book on regional economic performance, prepared for the Fed's policy meeting later this month, said that anecdotal reports nationwide "suggest that national economic activity expanded at a modest to moderate pace." Compiled from information collected by the Fed's 12 regional banks and covering the period from late November through the end of December, the report highlighted signs of steady improvement in the world's largest economy. "Compared with prior summaries, the reports on balance suggest ongoing improvement in economic conditions in recent months, with most districts highlighting more favorable conditions than indentified in reports from the late spring through early fall," it said.