US economic activity expanded at moderate pace

U.S. economic activity continued to expand from late November through the end of 2013, the Federal Reserve said Wednesday. The Federal Reserve's Beige book indicated that local economy was expanding at a "moderate pace" during that period, with the economic outlook showing to be "positive" in most of the 12 Federa Reserve Districts, with some reports citing expectations of "more of the same" and some expecting a pickup in growth. The report indicated that "upward movements in wages were cited by 8 of the 12 Districts; the increases were described as small to moderate." Also, most Districts reported that retail spending was up, with activity described as "modestly to moderately higher" and holiday sales on plan or up a bit compared with 2012. Meanwhile, "the outlook for 2014 is positive, with most Districts reporting that contacts expected activity in nonfinancial services sectors to continue to increase at a moderate to strong pace," according to the Beige Book.