New York Fed Lowers Estimate Of Current, Next Quarter GDP

By Steve Goldstein Markets MarketWatch Pulse

The New York Fed sliced its estimate for gross domestic product for both the fourth quarter and the first-quarter of 2017 in its "nowcast," which uses incoming data to estimate growth. The New York Fed's nowcast now projects fourth-quarter growth at 1.8% and first-quarter growth at 1.7%, each down by 0.7%. The largest negative contributions came from capacity utilization and industrial production data as well as housing data, which were only partly offset by a positive contribution from survey data, the New York Fed said.

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