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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