The Wall Street Journal Reports,"the beige book, which describes conditions across the central bank's 12 districts, said growth was "moderate" in nine regions and "modest" in two others. The Kansas City district said conditions "held steady" in December".
The last such survey, released in December, showed seven districts growing moderately and four districts growing modestly. One other district only said economic activity was expanding.
In Fed reports, the word "modest" has been used at times to indicate an expansion that is slightly slower than "moderate" growth.
The new report generally tracks recent economic data on the U.S. economy, including steady retail sales, rising exports and strong growth in the gross domestic product.
Wednesday's survey provides a snapshot of the economy based on information gathered by the regional banks in late November and December. It was released two weeks before the Fed's policy committee is scheduled to meet Jan. 28-29. The Fed must decide at the meeting how to proceed with winding down its bond-buying program, which seeks to boost the economy by lowering borrowing costs.
Two-thirds of the 12 districts reported increased hiring in late 2013. The Labor Department estimated last week the economy added a disappointing 74,000 nonfarm jobs in December. The unemployment rate dropped to 6.7%, largely because people left the workforce.
The Fed survey found retail spending was "modestly to moderately higher" in most areas compared with a year earlier. But the Richmond Fed district reported slowing retail spending and the Kansas City district said holiday sales were lower than expected.
