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WASHINGTON (Reuters) -U.S. manufacturing activity slowed slightly in January, while a measure of prices paid by factories for raw materials and other inputs jumped to its highest level in nearly 10 years, strengthening expectations inflation will perk up this year.
FILE PHOTO: Frames of various car models make their way down the flex line at Nissan Motor Co s automobile manufacturing plant in Smyrna, Tennessee, U.S., August 23, 2018. Picture taken August 23, 2018. REUTERS/William DeShazer
The moderation in activity reported by the Institute for Supply Management on Monday reflected a flare-up in COVID-19 infections, causing labor shortages in factories and their suppliers, which the ISM said “will continue to restrict the manufacturing economy expansion until the coronavirus crisis abates.” Manufacturing and housing are anchoring the economic recovery from the pandemic.
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U S manufacturing activity cools amid COVID-19 flare-up
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US factory activity cools amid COVID-19 flare-up WASHINGTON :U.S. manufacturing activity slowed slightly in January, while a measure of prices paid by factories for raw materials and other inputs jumped to its highest level in nearly 10 years, strengthening expectations inflation will perk up this year.
FILE PHOTO: Frames of various car models make their way down the flex line at Nissan Motor Co s automobile manufacturing plant in Smyrna, Tennessee, U.S., August 23, 2018. Picture taken August 23, 2018. REUTERS/William DeShazer
02 Feb 2021 02:05AM Share this content
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WASHINGTON -U.S. manufacturing activity slowed slightly in January, while a measure of prices paid by factories for raw materials and other inputs jumped to its highest level in nearly 10 years, strengthening expectations inflation will perk up this year.
The US stocks advanced on Thursday, 07 January 2021, with major indices- S&P 500 index, the Dow Jones Industrial Average, and the technology-heavy Nasdaq Composite all settling at new record closing highs.
At the close of trade, the Dow Jones Industrial Average index advanced 211.73 points, or 0.69%, to 31,041.13. The S&P 500 index was up 55.65 points, or 1.48%, to 3,803.79. The tech-heavy Nasdaq Composite Index added 326.68 points, or 2.56%, to 13,067.48.
The strength on the Wall Street propelled came as U. S. lawmakers certified President-elect Joe Biden s victory. The certification of Biden s victory along with Democratic victories in Georgia s Senate runoff elections will give Democrats control of the House, Senate and the White House. Traders seem optimistic a Democratic-controlled Congress will provide more coronavirus relief payments, infrastructure spending, and more generous passing of additional stimulus to get the economy back on track.