Thursday, April 05, 2012
Oh No - ONS manufacturing data
Posted by David Smith at 10:30 AM
Category: Thoughts and responses

Just when we were getting more optimistic about the economy along comes the Office for National Statistics with its February industrial production data. Manufacturing output officially fell by 1% in February, though overall industrial production rose by 0.4% on the back of a cold weather boost to energy output.

These were disappointing numbers, after a week in which manufacturing, services and construction purchasing managers' indexes (for March) were strong, and after the February manufacturing PMI pointed to growth. As it stands, it will be a challenge for manufacturing to make any contribution to growth in Q1 and the risk is that overall industrial production will be pulled down by the good March weather. More here.