U.S. industrial outlook: Remarkably stable consumer spending growth

09/10/2013

Daniel J. Meckstroth, Ph.D., vice president and chief economist
The decline in manufacturing activity in the second quarter was a correction for the exceptionally strong pace of production in the first quarter, not a precursor of a general slump. Manufacturing simply got ahead of the sluggish performance of the overall economy and went through an adjustment period to realign orders and production. We expect acceleration in manufacturing production during the second half of this year. The outlook for 2014 and 2015 calls for close to a percentage point improvement in the growth rate each year. Economic Outlook

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