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 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Axe wielding man shot dead after attacking four New York policemen on busy street
This 'woman calls police to order pizza' story isn't going where you're expecting
McKamey Manor: This 'extreme' haunted house is the stuff of nightmares
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
Poppy Appeal 2014: This is why I won't be wearing a red poppy this year
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...