Comment on the Office of National Statistics (ONS) Index of Production statistics
05 Nov 2009 09:50
Graeme Allinson, Head of Manufacturing, Transport and Logistics at Barclays, said:
"The 1.7 per cent rise in output between August and September shows glimmers of an industrial recovery and supports recent Purchasing Managers surveys from around the world for October, which have revealed signs of a global bounce in sentiment among manufacturers, most notably echoed in the UK’s CIPS/Markit PMI survey, released earlier this week.
"The figures released today make the 0.4 per cent decline in third quarter GDP reported by the ONS in October look a little less bleak. Over the past two or three months we've noticed innovative UK manufacturers are capitalising on the increase in global demand for consumer durables and capital goods, while the competitiveness of a still weak sterling is continuing to assist exporters.
"Order books are at last starting to look healthier, however whether this recovery will retain its momentum and prove sustainable throughout 2010 needs to be considered in light of the uncertainty created by the UK’s political situation and the changes that may ensue after the next general election, which may impact demand".
ABOUT BARCLAYS PLC Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the Americas, Africa and Asia. Barclays Commercial Bank provides banking services to 81,200 organisations with an annual turnover of more than £1m. Customers are served via a network of relationship and industry sector specialists, which provides solutions constructed from a comprehensive suite of banking products, support, expertise and services, including specialist asset financing and leasing facilities. Customers are also offered access to the products and expertise of other businesses in the Barclays Group, particularly Barclays Capital, Barclaycard and Barclays Wealth.