US factory output, retail sales fall in August
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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