Output at US factories increased more than expected in Jan even as a shortage of semiconductors weighed on the production of motor vehicles, pointing to resilience in the manufacturing sector recovery
Manufacturing output increased 1.0% last month, the Federal Reserve said on Tuesday
While other data on Wednesday showed activity in the vast services sector gained momentum in July as new orders raced to a record high, hiring declined
The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index rose to 54.2 last month, up from a June reading of 52.6
About 21.4 million jobs were lost in March and April and at least another 8 million are expected to have been shed in May
The final reading of the IHS Markit US Manufacturing Purchasing Managers' Index slid to 50.7 last month from 51.9 in January
A reading above 50 indicates expansion in the manufacturing sector, which accounts for 11% of the US economy
Treasury yields plummeted, the dollar erased gains and US stocks swung to losses after the report
Total industrial production fell 0.2 per cent, erasing the gain in June, and defying analysts who had expected a slight uptick
Federal Reserve says manufacturing production jumped 1.1% last month, the biggest gain since February
The dollar rose against the euro after the data
US factory activity increases for a second straight month in October amid a pickup in production and hiring
Manufacturing, which accounts for about 12% of the US economy, has been hurt by weak export growth stemming from a strong dollar and soft global demand