Severe winter weather was a decisive factor in a 0.8% drop in U.S. manufacturing output for January, coming after a downwardly revised 0.3% gain in December, according to the Federal Reserve. "Our assumption is that this is a temporary soft patch. You've had pretty moderate growth in manufacturing, and I think in all likelihood that's what's going to repeat in 2014," said economist Guy Berger of RBS Securities.

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