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Fed: 'Economic Activity Continued To Expand' Last Month

There's more modestly good news from the Federal Reserve Board today about the health of the U.S. economy.

"Reports from the twelve Federal Reserve Districts suggest that economic activity continued to expand moderately from November through December," the Fed writes in its latest "beige book," an eight-times-a-year largely anecdotal look at how things are going around the country.

The Fed adds that:

"Conditions were said to be improving in the Boston, New York, Philadelphia, and Richmond Districts. Activity increased modestly to moderately in the Cleveland, Atlanta, Chicago, St. Louis, Kansas City, and Dallas Districts. The economy of the Minneapolis District 'continued its moderate recovery,' while that of the San Francisco District 'firmed further' in the reporting period leading up to the close of 2010. Conditions were generally said to be better in Districts' manufacturing, retail, and nonfinancial services sectors than in financial services or real estate."