WASHINGTON — Economic activity expanded at a moderate pace during December, with strong retail sales and increased demand for professional services indicating “ongoing improvement in economic conditions.” according to the Federal Reserve Board’s Beige Book report, released Wednesday.

The report noted “significant gains in holiday retail sales compared with last year’s season,” especially in the New York and Dallas districts, which described sales as “brisk” and “robust.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.