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FXstreet.com (Córdoba) - Overall economic activity expanded " at a measured pace" in October and November across the Fed's 12 Districts, while modest improvements in hiring activity were reported by most Districts, according to the latest Beige Book publication.

Last month, the Beige Book said the economy was expanding "modestly" in most districts. Weaker conditions in New York were attributed to widespread disruptions at the end of October and into November caused by Hurricane Sandy while contacts in a number of districts expressed "concern and uncertainty about the federal budget, especially the fiscal cliff".

Among key sectors, consumer spending grew at a moderate pace in most Districts, while manufacturing weakened, on balance, while slight gains were reported in residential and commercial real estate.

Regarding the employment sector, modest improvements in hiring activity were reported by most Districts, while wage pressures were generally characterized as "subdued" or "contained" throughout much of the nation. Price pressures changed little from the modest pace that was reported in the last assessment, the Beige Book says.

The Beige Book survey, released two weeks before each policy meeting, is based on information gathered by officials at the Fed's 12 regional banks. Today's report was prepared based on information collected on or before November 14, 2012 by the Richmond Fed, and will be used for discussions at the next policy meeting, December 11-12 meeting.

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