The U.S. economy is growing at a "modest to moderate" pace despite concerns of a global economic slowdown and heavy upsets in financial markets, Federal Reserve officials say.

The Fed's beige book, a compilation of anecdotal reporting from district banks, says the Fed believes consumer spending, which accounts for about 70 percent of the economy's output, is improving. 

Retailers are optimistic about sales through the rest of the year, particularly from tourism, though New York retailers reported weaker sales than from September's report. Most districts also say their real estate and banking markets are growing as overall employment expands. And though wage growth remains modest, Fed officials say pressures to raise wages within industries such as construction are increasing. 

"Most Districts reported overall growth in consumer spending that ranged from slight to moderate," the report said. 

The findings are similar to those in the previous beige book released in September, which reported that most wage growth is going to skilled workers