Down from 0.7% last week.
The New York Fed Nowcast estimate for 4Q GDP growth has moved down to 0.4% from 0.7% last week. If you look at the ungrounded numbers, the result is even worse with a move from 0.73% to 0.39%. Yikes.
The biggest decliners came from capacity utilization and industrial production which subtracted -0.26% and -0.22% respectively. The biggest positive was from retail sales, CPI and PPI but they only added 0.03% to 0.05% to the final number.
The latest Atlanta Fed estimate will be released later today. The last estimate from last week was at 1.0%.
