Fed Says U.S. Economic Growth Improves While Hiring Limited

The U.S. economic expansion improved last month across most of the country while hiring was limited and housing remained stagnant, the central bank said.

The economy “expanded at a modest to moderate pace” from late November through the end of December on increased holiday retail sales, demand for services and oil and gas extraction, the Fed said in its Beige Book anecdotal business survey released today in Washington. At the same time, most industries saw “limited permanent hiring,” and the housing market remained “sluggish.”