Commenting on today’s Index of Production and trade figures, EEF Chief Economist Ms Lee Hopley said:
‘Gains in both manufacturing production and exports bring a welcome turnaround from the recent run of negative economic news. A number of sectors including food and metals reversed the output losses in April, and the transport sectors continued to put in a strong showing.’
‘On the trade front, despite the global economy looking more fragile exports to non-EU markets rose strongly, and there was a pick up in exports to the troubled eurozone. However, the story since the turn of the year has been one of volatility rather than recovery. There is still a risk that if we continue to see significant uncertainty around prospects in key markets, we’re likely to see indicators continue to bump around current levels.’
ENDS