Tuesday, May 11, 2010
Manufacturing jump should mean upward GDP revision
Posted by David Smith at 12:00 PM
Category: Thoughts and responses

Manufacturing output leapt by 2.3% in March, virtually guaranteeing an upward revision to the first quarter gross domestic product numbers. Manufacturing showed a healthy 3.3% increase on a year earlier. Production output also rose by 2%, and was 2% up on a year earlier. Both manufacturing and overall industrial production showed 1.2% rises on the previous three months. More here.

Taken together with the latest evidence from the British Retail Consortium that retail sales were disappointing in April (total sales down 0.2% year on year, like-for-like down 2.3%), the figures suggest, whisper it, a bit of rebalancing for the economy.