Production plunges to lowest level of recession
Oct 06 2009
“Industrial output contracted by 2.5 per cent in August”
Industrial output fell dramatically in August, according to the Office for National Statistics.
Production decreased by 2.5 per cent in August from July – coming in far lower than expectations of a 0.2 per cent rise over the month.
The steep decline followed a month-on-month increase of 0.6 per cent in July and takes output of the production industries back to its lowest level in this recession.
The news shows that the recovery from the recession will be 'fragile and marked by false dawns,' according to the Centre for Economics and Business Research, a think tank.
Last week the Purchasing Managers’ Index (PMI) survey reported a dip in manufacturing activity in September, with the index falling to 49.5 from 49.7 in August.