Beige Book Reports Recent Modest Economic Growth

Washington, DC, January 16, 2008--The U.S. economy grew at a slow but steady pace at the end of the year, the Federal Reserve said Wednesday in its Beige Book report.

Despite the rise in unemployment to 5 percent in December, the Fed noted that labor markets are tight in most parts of the country.

"Economic activity increased modestly during the survey period of mid-November through December, but at a slower pace compared with the previous survey," the Beige Book reported. Five of the 12 Fed banking districts had slower growth, another five reported modestly or slightly increasing activity, and two said conditions were mixed.