Manufacturers stress weak dollar benefits

WASHINGTON, March 3 (UPI) -- The National Association of Manufacturers repeated Thursday a weak dollar is good for U.S. exports and cited the Federal Reserve backing its argument.

Specifically, the NAM said a report by Fed economists released this week that found the larger the drop in a currency, the larger the increase in economic growth.

"The Fed study backs what we've been saying all along. The dollar's downward adjustment is good for U.S. exports and is far more likely to improve our current account deficit than it is to precipitate economic calamity," said NAM's Vice President for International Economic Affairs Frank Vargo.

NAM represents some of the biggest manufacturers in the United States.