Tuesday, November 06, 2012
North Sea hits industrial output
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

A 1.7% fall in industrial production between August and September was bad news, though it was accompanied by a 0.1% increase in manufacturing output, which was better than expected. Falling North Sea output, down more than 15% on the month, was to blame for the difference.

There will be some relief that this September drop in industrial production will not impact on the third quarter GDP figures. The 0.9% rise in the third quarter was smaller than the 1.1% estimated in the GDP release but the difference is not large enough for a GDP revision. Given that the North Sea slump appears to reflect summer shutdowns lasting longer than usual, this could, paradoxically, help the October figures along. More details here.

Elsewhere, the Society of Motor Manufacturers and Traders reported a 12.1% increase in new car registrations in October compared with a year earlier. Private registrations were up a very strong 23.9%.

The Halifax said house prices fell by 0.7% in October, for a drop of 1.2% over the latest three months and 1.7% on a year earlier.