A very disappointing set of figures for manufacturing and industrial production - Ernst & Young ITEM Club
Nida Ali, economic advisor to the Ernst & Young ITEM Club, comments on today’s Industrial production and manufacturing figures:
“This represents a very disappointing set of figures for both manufacturing and industrial production as a whole. The release indicates that industrial production increased by 0.9% on the quarter in Q3, compared to growth of 1.1% reported in the GDP preliminary release. This points to a potential downward revision to GDP growth in Q3.
“The Eurozone crisis continues to cast a shadow on the outlook for the manufacturing sector in the near-term. But providing that the Eurozone remains intact and drags itself out of recession, we are more optimistic about prospects for UK manufacturers further out.”
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.