Consumer Confidence, Factory Output Drop
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Industrial output stumbled in December and consumers were glum in early January, economic reports showed.
The Federal Reserve said output at U.S. mines, factories and utilities fell 0.2% in December as a result of lower auto production. The amount of usable capacity in operation dipped to 75.4%, its lowest level since March 2002.
The University of Michigan said its closely watched preliminary monthly gauge of consumer sentiment fell to 83.7 in January from a final reading of 86.7 in December.
In another report, the Commerce Department said the U.S. trade gap in November rose to a record $40.10 billion.
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