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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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