GDP growth estimates fall below 1 percent

The U.S. economy probably grew less than 1 percent in the fourth quarter, according to an estimate of major forecasts.

The CNBC Rapid Update for the fourth quarter now stands at 0.8 percent, down two-tenths of a point from the previous forecast.

Some sources are even more pessimistic. The Atlanta Fed's GDPNow model pegs fourth-quarter growth at just 0.6 percent, and Morgan Stanley estimates the economy only grew 0.1 percent in the quarter.

The first official reading on Q4 GDP is due Jan. 29, two days after a Fed meeting at which the central bank is widely expected to leave interest rates unchanged.