Monday, March 01, 2010
Manufacturing growing, mortgage approvals slip
Posted by David Smith at 12:30 PM
Category: Thoughts and responses

The output side of the economy is not yet pointing to a double-dip in the first quarter. The purchasing managers' index for manufacturing remained at 56.6 in February, holding at its highest since the early 1990s and suggesting industry is growing at a decent pace.

Mortgage approvals from the Bank of England, at 48,198 in January, were sharply down from the December figure of 58,223, as expected, though net mortgage lending, at 1.5 billion, was above the December figure of 1.2 billion. More here. The debate is over whether the drop in approvals is a weather-related blip. RICS (the Royal Institution of Chartered Surveyors) expects approvals to resume their climb, hitting 70,000 before the year is out.