Beige Book reveals rosy picture of US economy

Washington

THE US economy is continuing to grow and the labour market is improving, the Federal Reserve said on Wednesday as it debates its first interest rate hike since 2006.

The Fed issued a snapshot of the economy known as the Beige Book, which is a collection of anecdotal information from the 12 Fed regional banks. Taken between mid-February through March, it gave a fairly upbeat picture of recovery from the harsh February weather that brought large parts of the country to a halt.

Ten of the Fed's 12 districts reported "moderate," "modest" and for one, "slight" growth, while conditions held "steady" in Atlanta and Kansas City, according to…