PREVIEW: UK April output seen flat m/m, -12.4% y/y; manufacturing to fall for 14th month in a row
First Published Saturday, 11 July 2009 from Need to Know News
UK industrial output is forecast unchanged on a monthly basis in April, while manufacturing is expected at -0.2%, its 14th month in a row of declines.
Need To Know News' Scream Audio will broadcast the report, live, at 0930am BST on Wednesday, June 10.
Industrial production, which makes up 18% of GDP, is expected to show stability after a fall of 0.6% in March.
Year on year though, output is forecast at -12.4% and manufacturing at -12.9% -- similar to their rate of decline in March.
"There is no doubt that the UK economy is getting better," said Citi's UK economist Michael Saunders. "Manufacturing is still falling, but the declines from here on out will be at a smaller pace."
Recent surveys have shown an improvement in UK manufacturing. The UK manufacturing Purchasing Managers' Index rose to a 12-month high in May, but still held below the key 50 level. A number below 50 signals contraction; above signals growth.
Also, the Confederation for British Industry's (CBI) May survey showed that the percentage of manufacturing companies expecting output to rise hit levels seen before the collapse of Lehman Brothers in September 2008.
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