U.S. manufacturing companies profits up 6.9 pct in Q1

08:26, June 14, 2011      

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The U.S. Department of Commerce announced that the U.S. manufacturing firms' profits gained nearly 7 percent in the first quarter of this year, offering a boost to the recent dose of weak economic data.

U.S. manufacturing companies' seasonally adjusted after-tax profits rose to 144.5 billion U.S. dollars in the first quarter, up 6.9 percent from the previous quarter, the department said in a report.

Seasonally adjusted sales for the first quarter of this year increased to 1,596.7 billion dollars from 1,491 billion dollars recorded in the previous quarter, according to the report, fresh evidence of expansion of the manufacturing sector.

The manufacturing sector has served as an engine of the U.S. economic recovery since the recession ended about two years ago, but some economists held that the spiking commodities prices added to the production costs and dampened some consumers' enthusiasm to loosen the purse strings.

Source: Xinhua
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