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US economy picks up since November: Fed

The US Federal Reserve building is seen on July 30, 2009 in Washington, DC
The US Federal Reserve building is seen on July 30, 2009 in Washington, DC. The US economy has picked up pace since November, the Federal Reserve's Beige Book survey of regional activity showed Wednesday.

The US economy has picked up pace since November, the Federal Reserve's Beige Book survey of regional activity showed Wednesday.

"Reports from the twelve Federal Reserve Districts indicated that economic activity has expanded since the previous Beige Book report, with all twelve Districts characterizing the pace of growth as either modest or moderate," the report said.

Christmas season sales were "modestly" higher from 2011, and the economies of New Jersey and neighboring New York state, heavily damaged by the end-October Hurricane Sandy, were rebounding, the Fed said.

But it added that trends in unemployment and prices were "relatively unchanged," putting no pressure on the Fed to tighten monetary policy in its next policy meeting on January 29-30.

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