Manufacturing figures provide little comfort over triple-dip recession
Tuesday 02 April 2013
The “winter of discontent” for Britain’s manufacturers extended into March as the economy struggles to avoid a triple-dip recession, a new industry survey warned today.
The Chartered Institute of Purchasing & Supply’s activity index — where a 50 score signals no change — edged up from February’s four-month low of 47.9 to 48.3 in March, leaving firms mired in contraction territory.
The survey, along with disappointing mortgage lending data from the Bank of England, damped the mood after more optimistic British Chamber of Commerce forecasts that a resilient services sector would prevent the UK slipping back into a technical recession.
Markit’s senior economist Rob Dobson said it was “still touch and go” over whether the UK would manage growth in the current quarter. CIPS chief executive David Noble added: “Manufacturers’ winter of discontent extended into March, with continued weak demand at home and abroad, increased costs, and constraints on investment all conspiring against the sector, leading to the eighth consecutive month of job losses.
“As a result, activity in manufacturing has fallen at the fastest pace since October and the absence of new orders brings little hope of an uplift in Spring.”
New export orders shrank for the fifteenth month in a row amid weak demand from Europe and strong competition in the US and South Asia markets, despite a steep fall in the pound since the beginning of the year, CIPS added.
Separate figures from the Bank of England showed mortgage approvals for house purchases falling 5 per cent to 51,653 as its Funding for Lending scheme failed to boost loan volumes. February’s figure was barely above the 51,092 average seen throughout 2012.
- 1 Kermit the Frog has a new girlfriend named Denise
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 Moscow voted the world's unfriendliest city
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Bono's group has made more money from Facebook investment than from all his music
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...