02:19 PM EST, 01/15/2025 (MT Newswires) -- The US economy grew "slightly to moderately" in late November and December, compared with an assessment of a slight increase in the previous release, the Federal Reserve's Beige Book report, which is a summary of economic conditions released Wednesday, showed.

Consumer spending rose moderately with stronger-than-expected holiday sales, while vehicle sales grew modestly.

Construction activity, however, was down overall due to high costs, while manufacturing was down slightly with some stockpiling of inventories out of fear for higher tariffs.

Residential real estate was unchanged as high mortgage rates restrained demand while commercial real estate moved higher.

Employment "ticked up on balance," with six of the 12 districts reporting slight increases and the remaining six reported no change. Services sectors such as healthcare reported continued job growth, but manufacturing employment was flat. Supply of skilled workers remained tight and layoffs remained rare.

Wage growth was moderate in most districts and eased in others.

Price increases were modest overall, ranging from flat to moderate. Selling price gains were modest but input costs also rose, except for fuel. Tariffs may add to price increases according to some business contacts.

The Beige Book summary was prepared at the Federal Reserve Bank of Chicago based on information collected on or before Jan. 6.