U.S. manufacturing output increased 0.3% last month, according to the Federal Reserve -- the third straight monthly gain and a 3.3% increase year over year. Growth might be stronger were it not for a diminished outlook in Europe and China, according to MAPI. "U.S. manufacturing is very much impacted by both the strengths and weaknesses in the world," said Cliff Waldman, MAPI's senior economist.

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