EEF comment on IoP data

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Commenting on today’s IoP data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:

“The first manufacturing data for the second half of 2014 confirms the picture of a slowing pace of expansion in the sector, with output increasing 0.3% in July. Nonetheless, manufacturing remains on track for growth of over 3% this year, with sectors such as rubber and plastics, non-metallic minerals and mechanical equipment continuing to post strong output gains.

“However, weakness in overseas markets remains a drag. Despite increasing over the month, goods exports fell 0.3% in the three months to July, amid an increasingly uncertain overseas environment. This could make sustaining growth more challenging going forward and it is therefore critical that efforts are maintained to keep growth on track in manufacturing and across the whole economy in the remaining months of this parliament.”

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