Wednesday, April 06, 2011
Surprisingly weak manufacturing data
Posted by David Smith at 12:00 PM
Category: Thoughts and responses

A flat manufacturing output number and a 1.2% drop on overall industrial production in February were not in the script and should have snuffed out any faint prospect of a hike in Bank rate this week. Industrial production was hit by North Sea maintenance but the weakness - relatively - of manufacturing was harder to fathom.

The good news is that manufacturing still showed a healthy 4.9% growth over 12 months, while overall industrial production was up by 2.4%. Taking January and February together, both series were above their fourth quarter averages. More here.