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US manufacturing off to poor start to 13
Friday, February 15 15:27:34
U.S. manufacturing got off to a weak start this year as motor vehicle assembly tumbled, but a rebound in factory activity in New York state this month suggested the decline would be temporary.
Manufacturing output fell 0.4 percent in January after rising 1.1 percent in December, the Federal Reserve said today.
It followed two months of solid gains and largely reflected a drop in auto production.
"Given that most of the weakness was due to the give-back in motor vehicle production after the 11 percent surge in activity during the last two months of last year, we expect this retreat in industrial output to be temporary," said Millan Mulraine, senior economist at TD Securities in New York.
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