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UK Nov manufacturing output down more than expected
Source: Agencies |
January 9, 2009, Friday
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BRITISH manufacturing output slumped at its fastest annual pace since the early 1980s and much more than expected in November, official data showed today, in a sign Britain may be heading for a sharp slowdown.
The Office for National Statistics said manufacturing output fell 2.9 percent on the month, the biggest fall since the Queen's Jubilee in the summer of 2002 and well below analysts' forecasts for a reading of -0.7 percent.
That took the annual rate down to -7.4 percent, the weakest since June 1981.
Industrial production fell 2.3 percent on the month for a 6.9 percent annual fall. That annual decline was the weakest since March 1981.
The figures are likely to reinforce expectations that interest rates, currently at 1.5 percent, will fall near zero in the coming months as evidence of sharp downturn grows.
Separately, ONS data for producer price inflation for December came in stronger than expected.
Output prices were unchanged on the month, compared to analysts' expectations for a fall. That left prices up 4.7 percent on the year, the weakest since December 2007.
The Office for National Statistics said manufacturing output fell 2.9 percent on the month, the biggest fall since the Queen's Jubilee in the summer of 2002 and well below analysts' forecasts for a reading of -0.7 percent.
That took the annual rate down to -7.4 percent, the weakest since June 1981.
Industrial production fell 2.3 percent on the month for a 6.9 percent annual fall. That annual decline was the weakest since March 1981.
The figures are likely to reinforce expectations that interest rates, currently at 1.5 percent, will fall near zero in the coming months as evidence of sharp downturn grows.
Separately, ONS data for producer price inflation for December came in stronger than expected.
Output prices were unchanged on the month, compared to analysts' expectations for a fall. That left prices up 4.7 percent on the year, the weakest since December 2007.
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