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- Philadelphia Federal Reserve cut its U.S. economic growth forecast for the fourth quarter
Philadelphia Federal Reserve cut its U.S. economic growth forecast for the fourth quarter
The Philadelphia Federal Reserve released its quarterly survey on Monday. It lowered its fourth quarter forecast for the U.S. economic growth to 2.7% from the previous estimate of 3.1%.
The full-year growth forecast for 2014 was increased to 2.2% from the previous estimate of 2.1 percent due to an improved outlook for the labour market.
The Philadelphia Federal Reserve cut its first-quarter 2015 growth forecast to 2.8% from the estimate of 3.1% in August's survey.
Inflation is expected to be 1.7% in the fourth quarter, down from the previous estimate of 2.1.
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