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U.S. factory activity accelerated to more than a two-year high in January amid sustained increases in new orders and raw material costs, pointing to a recovery in manufacturing as domestic demand strengthens and the drag from low oil prices ebbs.

Other data on Wednesday showed private employers boosted hiring last month. While construction spending slipped in December, the underlying trend remained strong. The signs of momentum in the economy at the start of the year came as Federal Reserve officials resumed their two-day policy meeting.

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