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U.S. factory output declines on sharp drop in auto production
U.S. manufacturing output contracted more than expected in August, dragged down by a sharp fall in auto production that could moderate economic growth in the third quarter. American factories churned out 0.5 percent fewer goods last month, the Federal Reserve said on Tuesday. Some slowdown was anticipated after an earlier survey of factory manager sentiment pointed to a sharp brake in activity. Analysts polled by Reuters had expected a 0.3 percent decline in factory output. The drop, combined with a fall in mining production and higher output for utilities, left overall industrial output 0.4 percent lower during the ... (full story)