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

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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.

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