WASHINGTON, DC—The Federal Reserve Bank's latest - and last for 2015 - Beige Book portrays a nation that is, for the most part, experiencing economic activity increasing at a modest or moderate pace. Ditto - the use of the words "modest" and "moderate", that is - growth in commercial and residential construction in the last several weeks.

"Residential construction grew at a modest to moderate pace since the previous report," the Beige Book said. And "commercial construction strengthened modestly in most Districts."

It is assumed that the Beige Book report, coupled with other economic indicators especially the Labor Department's unemployment report for November that is due out on Dec. 4, will be factored into the Federal Reserve Bank's decision about whether to raise the federal funds rate at the next Federal Open Market Committee, scheduled for Dec. 15-16.

Sentiment about whether the Fed will or will not pull the trigger shifts by the day, depending on economic developments and world events. As they come out, the waiting world seizes each bit of "evidence" to scrutinize.

The Beige Book is the most recent data point for Fed watchers. Unfortunately for them, it does not add much to the debate of 'will the Fed raise rates or not in December?' as its findings are, well, modest. Moderate you might say. And that, reader, is the last time I will use the words modest or moderate of my own volition in this article. All other references can be attributed to the Fed.

Some of the highlights:

• The New York, Philadelphia, Cleveland, Atlanta, Chicago, St. Louis and Kansas City Districts reported growth in residential construction, while construction in Dallas and Minneapolis was flat.

• However, the Minneapolis District saw continued strong commercial construction growth, particularly in cities where commercial permitting increased. Indeed most of the Districts -- Boston, Cleveland, Atlanta, Chicago, St. Louis, and San Francisco -- reported moderate commercial construction growth. Except for New York, that is, which reported little change.

• Commercial leasing activity generally grew at a moderate pace in recent weeks. Activity increased in the Districts of Boston, Cleveland, Richmond, Atlanta, Chicago, Dallas and San Francisco, but was unchanged in the New York District.

• Housing markets grew at a moderate pace on balance, and home prices also increased modestly since the previous Beige Book, with home sales in the Boston and Cleveland Districts rising.