The Federal Reserve's latest snapshot on this region's economy reports moderate gains in most sectors and continued weakness in a number of labor market indicators.

The so-called Beige Book report on the Richmond district, which includes the Carolinas, reflects the incremental economic improvements being made across the Fed's other 12 regions.

Manufacturing activity continued to pick up while employment growth remained anemic.

Job cuts were reported at many retail businesses.

Retail sales were flat, as many retailers said jobless customers continue to reign in spending.

Banking activity was described as weak.

Residential real estate markets continued to strengthen.

"In a striking change from recent months, several contacts noted a pickup in the high end of the market," Fed analysts wrote.

The Federal Reserve's Richmond district, which includes the Carolinas, saw "modest" increases in economic activity and employment, the central bank reported in its latest roundup of regional conditions.

That was a shade slower than the "moderate" improvement seen in other regions.

The report, known as the Beige Book, showed that overall economic expansion improved nationwide in January and early February, with stronger manufacturing and tourism. The Richmond and Atlanta regions, however, were the only two with "softer" retail sales.

The Fed's researchers gather anecdotes from bankers, real-estate agents, temp agencies, business owners and others to put together the report, which provides a snapshot of the national and regional economies.

I was just looking at the CNBC app on my Blackberry (this tells you everything you need to know about me), and I noticed an alert that said the Beige Book for December had just come out. 

The Beige Book is produced by the Federal Reserve eight times a year, and is an anecdotal assessment of how the economy is doing in each of the Fed's districts.  We are in the Richmond district, along with a bunch of other southern and border states.

The Beige Book is kind of what it would be like if you were with a bunch of Fed officials at a bar after work, and they were talking about what they'd heard from around the country:  I talked to a car dealer in Kansas City, and he said business was picking up.  This guy who runs a small real estate business in Atlanta says he's had an uptick in showings.  This guy who operates a rug factory in Alabama says orders are down. 

It's about as close to a real-time look at the economy as you can get, and it's better, in my view, than a lot of economic statistics that are often a little old and not always reliable.  Although you'll get an argument on that.

By the way, if you want to see what other economic reports are coming out this month, the AP produces a nifty calendar you can access here.

The biggie for this week will come at 8:30 on Friday morning, when the Labor Department releases employment data for November.  One hint as to what this will say may have come from a private company, ADP, that releases its own survey of hiring.  ADP said today that small businesses were doing the most hiring in three years.  That's one of the reasons the stock market popped today.  Whether the Labor Department report confirms the ADP trend remains to be seen.

--Dan Barkin

The U.S. economy continues to heal, but at a modest pace and with limited hiring, the Federal Reserve reported in its latest survey.

The biggest worry is that employers are cautiously optimistic, but not eager to being replacing lost jobs. “Hiring remains limited, with many firms reluctant to add to permanent payrolls given economic softness,” the Fed concluded in its anecdotal survey known as the Beige Book.

In the Richmond region, which includes the Carolinas, the Fed noted moderate improvements in business activity, including among retailers and in the labor market. But the report painted a mixed picture of this region's economy, reflecting the uncertainty many businesses and consumers feel about where things are headed.

The Federal Reserve region that includes the Carolinas showed slower growth in late summer.

In the Fed's latest snapshot of U.S. economic conditions, also known as the Beige Book, pointed to an economy that's still expanding but with "widespread signs of deceleration."

In the Richmond, or Fifth, district "signs of slowing or contracting economic activity became more prevalent" since the Fed's July report. "Manufacturing activity continued to expand, but a slowdown in the pace of expansion that began several months ago continued into August."

The Federal Reserve's latest snapshot on this region's economy points to "mixed" and "modest" improvements, although the real estate and retail sectors weakened.

The so-called Beige Book report on the Richmond district, which includes the Carolinas, reflects a mostly lackluster economic recovery. This region's report mirrors the slow growth or modest activity the Fed found in its other 11 regions across the country.

Tourism was a bright spot in this region, with solid business reported in the mountains and along the coast.

The U.S. economy showed "modest" improvement across all 12 of the Federal Reserve districts, the central bank reported this afternoon.

It was the first time the Fed's report, known as the Beige Book, showed economic activity improving across the country since 2007.

In the Fifth district, which is based in Richmond and includes North Carolina, the manufacturing sector continued to be a "bright spot, with contacts indicating slow-but-steady expansion across a broad range of industries," the Fed wrote.

The Federal Reserve reported today that the economy improved in 10 of its 12 districts.

Unfortunately, the Triangle resides in the Richmond district, one of the two that reported "mixed conditions." Translated from Fed-speak, that means that things aren't terrible, but they're not great, either.

The so-called Beige Book for December was released two weeks before Fed policy makers meet to discuss interest rates. Nationally, the report reinforces the notion that the worst of the recession is easing.

But in the fifth district, which includes Virginia and North Carolina, consumers remained cautious about spending and companies were reluctant to hire.