N.Y. Fed pares U.S. first quarter GDP growth view near 3 percent

NEW YORK (Reuters) – The New York Federal Reserve on Friday reduced its estimate on U.S. gross domestic product growth for the first quarter of 2018 as a steeper-than-forecast drop in homebuilding in December offset a stronger-than-expected increase in industrial production last month.

The regional central bank’s “Nowcast” model calculated the U.S. economy was expanding at an annualized pace of 3.07 percent in the fourth quarter, slower than the 3.21 percent rate calculated a week earlier.

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