Manufacturing output fell 0.8% in January, and other economic indicators also pointed to a drop off in economic activity. However, MAPI is sanguine about the month's events.

"A correction was bound to happen, and the fundamental drivers of industrial activity still remain positive," said Daniel J. Meckstroth, chief economist for MAPI. He predicts manufacturing activity will increase 3.2% in 2014. "Consumer after-tax income will accelerate this year, there is pent-up demand for durable goods and business investment and government spending will not be a drag on growth."

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