ISM a big negative this week
The NY Fed is out with their estimate for 4Q GDP growth. They now see growth at 0.8% versus 0.92% reported last week.
The big negative came from ISM composite index which subtracted -0.11%. THe employment component and prices index were also negative contributors (see chart below). On the positive side, ADP nonfarm private payroll employment and merchant wholesalers total inventories added this week.
Earlier the Atlanta Fed announced a cut in their estimate to 1.1% from 1.5%. The details of their report are still MIA (missing in action) from their website.
