The U.S. economy has "improved modestly" over the past six to eight weeks, the Federal Reserve just reported.

In its latest Beige Book review of conditions across the nation, the Fed says that:

— "Consumer spending was reported to have picked up moderately."

— "Manufacturing conditions were said to be, on balance, steady to moderately improving across most of the country."

— "Residential real estate conditions were somewhat improved from very low levels, on balance, led by the lower end of the market."

— "Financial institutions generally reported steady to weaker loan demand, continued tight credit standards, and steady or deteriorating loan quality."

Overall, the Fed said, eight of its 12 bank districts "indicated some pickup in activity or improvement in conditions, while the remaining four — Philadelphia, Cleveland, Richmond, and Atlanta — reported that conditions were little changed and/or mixed."

The eight-times-a-year report, by the way, gets its name from the color of its cover.