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Faster output at U.S. factories has been a key reason employers have added 1 million jobs in the past five months. Manufacturing companies have added 167,000 jobs in that stretch. That's roughly 17 percent of the job gains, even though manufacturing represents less than 10 percent of the economy. Factories are cranking out more goods because consumers are more confident in the economy and spending more. Consumer spending grew at an annual rate of 2.9 percent in the first three months of the year, the fastest pace since late 2010. However, some of that strength was aided by a mild winter, which boosted sales in February and March. In April, retail sales grew by just 0.1 percent. But sales of autos, furniture, electronics and appliances rose. All are big-ticket items made in factories that help drive growth. The economy grew at an annual rate of 2.2 percent in the January-March quarter. That's slower than the 3 percent growth in the October-December quarter, but better than the 1.7 percent growth for all of last year.
[Associated
Press;
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