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Economy remains fragile

Jan 13 2010

Manufacturing is showing some signs of growth, but overall the economy remains weak, according to a survey from British Chambers of Commerce (BCC).

Rising manufacturing exports are reported by a balance of +20 per cent of respondents, up 20 points from last quarter. In the service sector there was a 2 point uplift to +8 per cent. However, home orders, employment expectations, and investment in plant and machinery remained negative for both sectors.

David Kern, chief economist at the BCC, says: ‘The results support the view that we are on the brink of leaving recession. However, with a number of critical measures still in negative territory, the economy is struggling to enter the recovery phase.

‘The continuing need to improve access to finance for credit-worthy businesses is confirmed in the survey’s cash flow balances, which are barely positive for manufacturing, and have actually moved deeper into negative territory for services.’

According to the Chartered Institute of Purchasing & Supply, manufacturing grew at the fastest month-on-month pace for two years in December.

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