Saturday, May 8, 2021

US manufacturing sector fell 0.4 percent in July

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
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US manufacturing sector output fell 0.4 percent in July, ending two consecutive months of growth.

The Federal Reserve said on Thursday that factory output shrank 0.4 percent last month, beating expectations of analysts polled by Reuters who had forecast a 0.1 percent drop.

Overall industrial output fell 0.2 percent in July, while analysts had forecast a 0.1 percent increase.

NBFI

The data may increase concerns about the strength of the industrial sector in the world’s largest economy as fears of a global economic slowdown persist.

Overall industrial output fell 0.2 percent in July

The decline in July was the largest since April.

The Fed said output from the manufacturing sector has fallen more than 1.5 percent since December 2018.

Read also: US stocks recorded biggest daily fall on sluggish global economy

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