Shock decline keeps UK manufacturing in the doldrums
Manufacturing is statistically more important in rural England than its urban counterpart. This article gives some food for thought in that context. It tells us:
UK manufacturing suffered a shock decline in July, in a sign that Britain’s recovery is slowing against a backdrop of global uncertainty. The decline at Britain’s factories came as goods exports fell to the lowest level in almost five years in July, as economists said there were early indications that a slowdown in emerging markets was hitting UK exports. Manufacturing output fell by 0.8pc in July compared with June, according to the Office for National Statistics (ONS). This was well below economists’ estimates for a slight rise of 0.2pc, and represents the steepest decline since May 2014. In the year to July, manufacturing output fell by 0.5pc – the first time annual growth has slipped into negative territory in two years. The decline dragged down overall industrial production, which fell by 0.4pc compared with the previous month. The ONS said manufacturing, which accounts for around 10pc of UK output, was the only main sector to report a decline over the period, sending the pound down by three quarters of a cent against the dollar and half a cent against the euro in early trading.