Manufacturing, which accounts for 11.3% of the U.S. economy, contracted in the third and fourth quarters of 2022 as higher borrowing costs undercut demand for goods
Production at U.S. factories edged up in February and output in the prior month was stronger than previously thought, but manufacturing continues to struggle under the weight of higher interest rates.
Financial markets expect the Fed to raise interest rates by another quarter of a percentage point next Wednesday, according to CME Group’s FedWatch tool. But banking sector instability following the collapse of two regional U.S. banks and problems at Credit Suisse has prompted some speculation that the U.S. central bank could pause its most aggressive monetary policy tightening campaign since the 1980s.
Durable manufacturing production nudged up 0.1 per cent, while nondurable manufacturing output climbed 0.2 per cent.
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