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WASHINGTON (AP) - A trade group representing the nation's manufacturers on Tuesday predicted a soft landing for the U.S. economy in 2007, despite expectations that residential real estate will act as a drag on growth.
In its annual forecast, the National Association of Manufacturers forecast that industrial output would decelerate to a growth rate of 2.8 percent, or slightly below the 2.9 percent rate of expansion it expects for the overall economy.
The manufacturing sector grew by 4.5 percent, on average, in 2006, while the U.S. economy expanded by 3.1 percent, according to the association.
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