UK manufacturing output up in October

| December 7, 2010 | 0 Comments
”UK

The Office for National Statistics (ONS) has today revealed UK manufacturing output grew by 0.6% in October compared with September – the biggest gain since March.

It was also better than the 0.3% rise expected by analysts.

Meanwhile, overall industrial production, which also includes utilities, mining and quarrying, fell 0.2% on the month - the weakest since June.

Out of 13 categories of manufacturing production, eight rose, led by transport equipment, while two declined - led by food drink and tobacco.

Today’s figures are likely to reinforce the view that the Bank of England will leave interest rates and its quantitative easing scheme on hold for now.

Last week, the Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) revealed UK manufacturing activity surged at a record pace in November.

The closely-watched CIPS/Markit manufacturing PMI rose to 58 in November from an upwardly revised 55.4 in October.

Not only was the reading the highest since September 1994, it confounded analysts expectations of a reading of 54.6.

Furthermore, the index continues to stay above the crucial 50 mark, which indicates expansion, and it has been above this level for 16 consecutive months.

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