U.S. manufacturing output dips as chip shortage weighs on motor vehicles

Output at U.S. factories unexpectedly fell in June as motor vehicle production dropped amid an unrelenting global semiconductor shortage. Manufacturing output dipped 0.1% last month after accelerating 0.9% in May, the Federal Reserve said on Thursday. Economists polled by Reuters had forecast manufacturing output climbing 0.2% in June. Output at factories grew at a 3.7% annualized rate in the second quarter after increasing at a 2.3% pace in the January-March period.