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Manufacturing output dropped 0.4 percent last month as auto companies cranked out fewer cars, factories made fewer consumer goods and most other industries reduced output. And a measure of manufacturing activity fell in May to its weakest level since June 2009, the last month of the Great Recession. The overall economy grew at an annual rate of 2.4 percent in the January-March quarter. But economists say growth is slowing to around a 2 percent rate in the current April-June quarter. One bright spot for the economy has been the American consumer, who has shown surprising resilience this year despite paying higher Social Security taxes. Consumer spending rose from January through March at the fastest pace in more than two years. Auto sales have been rising over the past year with consumers buying 1.4 million cars in May, up 8 percent from the sales pace a year ago. An improved job market and a sustained recovery in housing have helped soften some of the impact of the tax increase. Since November, employers have added an average 208,000 jobs a month. That's up from just 138,000 jobs a month during the previous six months.
[Associated
Press;
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