Economic Growth Moderate at Year's End

Washington, DC, Jan. 13, 2011 -- Economic growth continued to expand moderately at the end of 2010, the Federal Reserve said Wednesday in its Beige Book report.

The Fed reported that manufacturing, retail and non-financial services sectors were strong in most regions, while the residential real estate market remained weak nationwide, as did commercial construction.

The Fed also reported that the employment appeared to be stabilizing in most areas, but said that wages remained stagnant.

Retailers told the Fed that sales appeared higher in this holiday season than last year, and in some cases, exceeded expectations.