Steady Going

The leading indicator was flat for January, after two months of strong expansion. Output in the chemical process industries rose 0.4% in the latest month after falling slightly in the previous period. Production rose in nonferrous metals, rubber and plastics products, and petroleum products. This was countered by declines in building materials and paper. Manufacturing output rose a strong 0.9% in the final month of 2011, following a 0.4% drop in November. For the fourth quarter, there was a deceleration in growth for both manufacturing and for chemicals...

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