EEF comments on IoP data

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Commenting on today’s Index of Production data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said: “Manufacturing suffered a fairly hefty contraction in October, with output falling by 0.9%. This is not the start to the fourth quarter that we expected to see in the official statistics, given the rather more buoyant survey indicators over the past few months. Output falls appear fairly widespread across subsectors, but falls in pharmaceuticals, textiles and food were responsible for much of the drop over the month.

“While this is a disappointing set of figures, more upbeat commentary coming from across the sector – driven by resilience in the domestic market and a brightening outlook overseas – points to this trend reversing in the final months of the year.”


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