offset-the-drag

U.S. manufacturing contracts, but rest of economy humming along

U.S. manufacturing contracted in November for the first time in three years as the sector buckled under the weight of a strong dollar and deep spending cuts by energy firms, but robust automobile sales suggested the economy remained on solid ground. Other data released on Tuesday showed a sturdy increase in construction spending in October, which should help offset the drag from manufacturing on fourth-quarter economic growth. With manufacturing accounting for only 12 percent of the …

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U.S. manufacturing contracts, but rest of economy humming along