Fed Beige Book: U.S. economy grew at a moderate to moderate pace at the end of last year

U.S. economic activity grew at a "moderate to moderate" pace in late November and December, driven by strong holiday sales, the Federal Reserve said in its Beige Book report, a survey of regional business contacts. Employment rose modestly overall, with half of the 12 Fed jurisdictions reporting a slight increase in hiring and six regions flat, the report showed. "Contacts in some service industries - particularly health care - saw continued employment growth," the report said Wednesday. Manufacturing employment was flat, though. Prices, meanwhile, rose "moderately overall." Contacts in most regions reported moderate increases in selling prices, but there were also instances of flat or falling prices, particularly in retail and manufacturing, "the report said. The Beige Book report, compiled by the Federal Reserve Bank of Chicago based on information collected on or before Jan. 6, includes anecdotes and commentary on the state of business operations in 12 Fed districts. The report notes that the information gathered preceded the recent wildfires in the Los Angeles area.