- Manufacturing output in June down 0.4% on the month, up 2.1% on the year
Commenting on the manufacturing output figures for June, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“The fall in manufacturing in June was disappointing and worse than expected. Although longer-term comparisons confirm that the manufacturing recovery is on course, the pace of growth has slowed and there is no room for any complacency.
“Turmoil in the financial markets, and the problems facing the economies of the US and the eurozone, will likely make it difficult for manufacturers to compete internationally.“While the government perseveres with implementing its tough fiscal programme, everything must be done to support the manufacturing recovery and ensure there are no setbacks. The MPC must maintain the current low level of interest rates until at least early 2012. On its part, the government should continue to implement growth enhancing policies which allow UK businesses to create jobs, export and invest.”