NY Fed GDP 'nowcast' unchanged at 3.1% for Q1
The Federal Reserve Bank of New York said on Friday its estimate of gross domestic product growth in the United States during the first quarter stood at 3.1% for the past week, unchanged from the reading on February 10.
The figure remained stable during the past week as negative news from reports on industrial production and capacity utilization was offset by positive news from data on housing and construction, the bank said.
Industrial production in the US eased 0.3% in January on a monthly basis, while capacity utilization fell 0.3 percentage points to 75.3% over the same period, according to the Board of Governors of the Federal Reserve System. On the other hand, privately-owned housing starts decreased 2.6% from December, but building permits rose 4.6% last month, the US Census Bureau and the US Department of Housing and Urban Development announced yesterday.