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US industrial output edges higher
15-08-2008 16:58:59
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The output of US factories, mines and power plants rose by 0.2% in July, driven by a 3.6% rise in the production of motor vehicles compared with June.The growth was faster than had been expected, but slower than the previous month, when output grew by 0.4%.While manufacturing performed well in July, the output of electricity and gas plants fell by 1.9% after a strong increase the previous month.The US housing housing slump also resulted in lower furniture production.Analysts said the rise in vehicle production and parts compared to June was more to do with the reopening of a major parts plant after a strike, rather than a recovery of the industry. With disposable income being squeezed, sales of cars and trucks have fallen significantly. The figures reflected this, with automotive production in July 10.4% lower than a year earlier.
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