Philly Fed lowers Q4 US GDP to 1.8% from 2.3%

Latest Philly Fed survey.

• Sees Q1 2014 GDP at 2.5% vs 2.7% prior
• Q4 2013 unemployment at 7.2% vs 7.3%, Q1 2014 7.1% vs 7.2%
• Inflation unchanged at 1.5% Q4 2013 and 1.7% Q1 2014
• Payrolls growing at 187,300 vs 178,600 per month Q4 2013, 187k vs 171k Q1 2014

Survey points to falling growth but a rising employment.