UK manufacturing points to Q1 recovery
--- UK Jan CIPS Manufacturing PMI 52.1 ---
Jeremy Cook, chief economist at foreign exchange company, World First, said:
“Most of the preliminary 0.2% fall in UK Q4 GDP was as a result of a fall-off in output from the manufacturing sector, although this was seen to improve as the quarter went on.
“Today’s manufacturing number can be seen as the first real indicator as to how 2012 has started.
“It would be fair to say that consumer spending will drop between December and January, as the public pay down debt from an expensive Christmas.
“With a stable consumer sector (at best), we needed manufacturing to come back to the party or we would have been staring down the barrel of an, albeit very shallow, double-dip recession.
“This growth needs to be maintained throughout the quarter, but with new orders rising at fastest pace since March 2011, the signs are very positive.”
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Source: World First
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