Economic Affairs Latest News: July Manufacturing Growth Hits Four-month High

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Economic Affairs Latest News: July Manufacturing Growth Hits Four-month High

Economic Affairs Latest News: July Manufacturing Growth Hits Four-month High
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Economic Affairs Latest News: July Manufacturing Growth Hits Four-month High

Wochit 0:54 mins

U.S. manufacturing grew in July at its quickest pace in four months, as output and new orders increased and firms took on more workers, an industry report showed. Economic growth probably slowed sharply in the second quarter, but its pace is unlikely to change views that the Federal Reserve will start trimming bond purchases later this year. The slowdown is expected to be temporary, with an acceleration in output forecast for the rest of 2013 as the drag from higher taxes and deep budget cuts wanes. Contracts to purchase previously owned U.S. homes fell in June, retreating from a more than six-year high touched the prior month, suggesting rising mortgage rates were starting to dampen home sales.

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