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UK economy still weak as output falls
Source: Bloomberg News |
June 13, 2012, Wednesday
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Print Edition
Print Edition
UK manufacturing fell more than economists forecast in April, pointing to weakness in the economy at the start of the second quarter.
Factory output fell 0.7 percent from March, led by pharmaceuticals, aircraft maintenance and food and drink production, the Office for National Statistics said yesterday in London. The median forecast of 30 economists in a Bloomberg News survey was for a drop of 0.1 percent. Overall industrial output was flat on the month, weaker than the 0.1 percent gain forecast by economists.
A report earlier this month showed manufacturing shrank the most in three years in May as government budget cuts and the eurozone debt crisis hurt growth. While the Bank of England left its bond-purchase target flat this month, policymaker Adam Posen said on Monday he was "too optimistic" when he abandoned a push for more stimulus in April.
"The underlying picture is very worrying," said Alan Clarke, an economist at Scotiabank in London. "Risk aversion is stopping investors from investing, companies from hiring and consumers from spending."
Factory output fell 0.7 percent from March, led by pharmaceuticals, aircraft maintenance and food and drink production, the Office for National Statistics said yesterday in London. The median forecast of 30 economists in a Bloomberg News survey was for a drop of 0.1 percent. Overall industrial output was flat on the month, weaker than the 0.1 percent gain forecast by economists.
A report earlier this month showed manufacturing shrank the most in three years in May as government budget cuts and the eurozone debt crisis hurt growth. While the Bank of England left its bond-purchase target flat this month, policymaker Adam Posen said on Monday he was "too optimistic" when he abandoned a push for more stimulus in April.
"The underlying picture is very worrying," said Alan Clarke, an economist at Scotiabank in London. "Risk aversion is stopping investors from investing, companies from hiring and consumers from spending."
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