US manufacturing production rises solidly despite semiconductor shortage

Output at U.S. factories increased more than expected in January even as a shortage of semiconductors weighed on the production of motor vehicles, pointing to resilience in the manufacturing sector recovery. Manufacturing production rose 1.0% last month after gaining 0.9% in December, the Federal Reserve said on Wednesday.

That was the ninth straight monthly advance in factory production. Economists polled by Reuters had forecast manufacturing output increasing 0.7% in January. Manufacturing, which accounts for 11.9% of the U.S. economy,.....

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