U.S. Manufacturing Output Surges in January
The sector accounts for 11.3 percent of the U.S. economy
Production at U.S. factories rebounded in January, but output in the prior month was much weaker than initially thought amid higher borrowing costs that are hurting the manufacturing sector.
Manufacturing output increased 1.0 percent last month, the Federal Reserve said on Wednesday. Data for December was revised down to show production at factories declining 1.8 percent instead of the previously reported 1.3 percent. Economists polled by Reuters had forecast factory production would increase 0.8 percent.
Output gained 0.3 percent on a year-on-year basis in January. Manufacturing, which accounts for 11.3 percent of the U.S. economy, has seen demand for goods, usually bought on credit, undercut by higher interest rates.
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