UK manufacturing still in big slump
By Robert Barr |
December 9, 2009, Wednesday
|
Print Edition
Print Edition
BRITISH manufacturing remains in a deep slump and consumers continue to spend cautiously, according to reports released yesterday that underline the fragility of Britain's recovery from a deep recession.
Manufacturing output in Britain was flat in October compared to the previous month, the Office for National Statistics said.
The manufacturing figures also disappointed analysts' expectations for a modest rise in October.
Compared with a year earlier, manufacturing output was down 8.4 percent in October. In the August-October quarter, considered a more reliable indicator of trends, it was down 9.9 percent compared to a year ago.
Economist Vicky Redwood at Capital Economics said industrial production in the fourth quarter still should beat the 0.9 percent fall in the third quarter, "but the recovery clearly looks fragile."
The biggest decreases in manufacturing were in basic metals and metal products, down 15.7 percent, and machinery and equipment, down 17.8 percent, the ONS report said.
Other production industries also remained mired in a slump. Mining and quarrying was down 11.8 percent, including a 10.5 percent drop in oil and gas extraction.
The nation's output of electricity fell by 11.7 percent and gas supply output fell 11 percent, the ONS report said.
A survey on the housing market by Halifax, Britain's largest mortgage lender, was somewhat more upbeat, showing a 1.4 percent increase in average prices in November.
Analysts say the rebound in house prices is due largely to a tight market.
Manufacturing output in Britain was flat in October compared to the previous month, the Office for National Statistics said.
The manufacturing figures also disappointed analysts' expectations for a modest rise in October.
Compared with a year earlier, manufacturing output was down 8.4 percent in October. In the August-October quarter, considered a more reliable indicator of trends, it was down 9.9 percent compared to a year ago.
Economist Vicky Redwood at Capital Economics said industrial production in the fourth quarter still should beat the 0.9 percent fall in the third quarter, "but the recovery clearly looks fragile."
The biggest decreases in manufacturing were in basic metals and metal products, down 15.7 percent, and machinery and equipment, down 17.8 percent, the ONS report said.
Other production industries also remained mired in a slump. Mining and quarrying was down 11.8 percent, including a 10.5 percent drop in oil and gas extraction.
The nation's output of electricity fell by 11.7 percent and gas supply output fell 11 percent, the ONS report said.
A survey on the housing market by Halifax, Britain's largest mortgage lender, was somewhat more upbeat, showing a 1.4 percent increase in average prices in November.
Analysts say the rebound in house prices is due largely to a tight market.
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