–Jul manufacturing output +0.3% m/m; +4.9% y/y; median +0.3;+4.9
–Jul industrial production +0.3% m/m; +1.9% y/y; median +0.4; +2.0
LONDON (MNI) – Manufacturing output posted it’s third consecutive
monthly rise in July pushing the annual rate of growth to its highest
level for nearly 16 years, according to figures released by National
Statistics Wednesday.
Manufacturing output rose 0.3% on the month in July to stand 4.9%
above levels a year earlier, bang in line with the median forecast from
economists. The rise in the year to July was the largest increase since
December 1994.
The latest monthly rise in output follows similar gains in the
previous two months pointing to steady, if not spectacular growth.
There are, however, warning signs ahead with the CIPS manufacturing
survey pointing to a slowdown in August. The PMI manufacturing index
fell to 54.3 in August from 56.9 in July, the lowest for nine months.
There were rises in 8 of the manufacturing sub-sectors on the month
in July, with 3 sectors posting a decline and 2 unchanged.
Significant gains were seen in machinery and equipment, textiles
and leather clothing and paper, printing and publishing while transport
equipment output posted the largest fall.
The wider measure of industrial production increased by 0.3% on the
month and was up 1.9% on the year, slightly below the median forecast
for a rise of 0.4% on the month and 2% on the year.
Output of the electricity, water and gas industries fell 0.7% on
the month while mining and quarrying output rose 0.6% on the month due
to a 0.8% rise in oil and gas output as production got back on track as
maintenance work in oil and gas fields started to come to an end.
–London newsroom 4420 7862 7491 email: drobinson@marketnews.com
[TOPICS: MABDA$,M$B$$$,MT$$$$,MABDS$]
