The latest Fed Beige Book sees …

… well, beige. Things aren’t getting worse, but they aren’t really getting all that much better either.

From the link:

“While economic activity remains at a low level, [economic] conditions have improved modestly” according to the Federal Reserve’s Beige Book released in advance of the Federal Open Market Committee’s January 26-27 monetary policy meeting. The Beige Book said the “improvements are broader geographically” than they were at the beginning of December. The Beige Book reiterated concerns about the labor market.

The Beige Book was compiled on the basis of reports at the 12 Federal Reserve districts as of January 4. While the Beige Book provides an anecdotal snapshot of the economy, it is rarely cited in the minutes of the FOMC meetings, though the minutes note participants also refer to anecdotal reports.

The details of the report were less optimistic than the opening paragraph.