Manufacturing output is positive
Factory output is showing some recovery, the latest official figures show.
In the third quarter of the year ending September, manufacturing output was up by 0.9% on the previous quarter ending June, according to the latest figures from the Office for National Statistics. That’s the first rise in quarter on quarter growth since the second quarter of 2011. And it is also an improvement on the 0.6% decline in the three-month period ending August.
Growth in the latest quarter was affected by the changes to bank holidays in the second quarter of 2012 due to the Diamond Jubilee. The end of May bank holiday moved to June and there was an additional day’s holiday in June. Over the second quarter, this resulted in one fewer working days.
Nevertheless, there were some large upward contributions to the rise between quarter two and quarter three: 3.1% from the manufacture of basic metal and metal products; 5.7% from pharmaceuticals; and 2.4% in transport equipment sector. On the downside, chemical products fell by 3.5%.
Compared with the same quarter a year ago, manufacturing output was down by 0.9%.
The volatile monthly figures show manufacturing output up by 0.1% on August with seven manufacturing sub sectors posting a rise and six a fall.
The index of production (manufacturing, mining and utilities) also rose by 0.9% in the third quarter on the second quarter. Production was down by 1.4% on the quarter 2011.