Commenting on today’s Index of Production (IoP) from the National Office for Statistics (ONS), EEF chief economist Lee Hopley said: “This is a mixed bag of data which breaks the run of consistently upbeat indicators in recent months. Whilst August unwound some of the gains in June and July, the declines were particularly concentrated in a few sectors, namely food, pharmaceuticals and electronics.”
However, she added: ““Despite this monthly setback on production, manufacturing should make a positive contribution to third quarter GDP growth and other business surveys seem to align behind a continuation of this trend through the final months of the year.”
In the year between August 2012 and August 2013, manufacturing output fell 0.2% with the manufacture of some machinery and equipment, pharmaceuticals and metal products contributing to the drop.
The August fall was attributed to output in the manufacture of pharmaceuticals, computer, electronic and optical products; and the manufacture of food products, beverages & tobacco.
This material is protected by copyright Ken Hurst 2013.