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US factory output, retail sales fall in August

by ChemOrbis Editorial Team -
  • 16/09/2016 (02:04)
US factory output saw its biggest drop since March when it fell 0.4% in August, according to the US Federal Reserve. The fall was larger than economists had forecast. Factory output had risen 0.4% in July. Output was hurt by declines in the production of nondurable goods. While many durable goods industries posted declines of nearly 1 percent or more, motor vehicle assembly increased.

The manufacturing sector is struggling with the lingering effects of a strong dollar and lower oil prices. Activity in the sector, which accounts for 12 percent of the U.S. economy, has also been undercut by an inventory correction.

According to the Commerce Department, US retail sales also declined in August by 0.3% after they had risen by 0.1% in July.

Following news of the declines in output and retail sales, the Atlanta Fed lowered its third-quarter GDP estimate by three-tenths of a percentage point to a 3.0 percent annual rate. The economy grew at a 1.1 percent rate in the second quarter.
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