Construction stumbles into recession, says ONS
Britain’s industrial output grew at its fastest pace this year in September, according to official figures, owing to growing machinery and equipment output.
Output in the sector has risen for six consecutive months by growing at 0.7 per cent in September and 1.1 per cent over the third quarter as a whole, according to the Office for National Statistics (ONS) today. Factory output rose 1.1 per cent in the quarter with transport production up 3per cent.
The figures reportedly suggest that manufacturing may help to counteract a consumer-led slowdown in the economy.
However, construction output fell by 1.6 per cent in the month. As well as the sharp fall in September from August, output was only up 1.1 per cent from a year earlier.
“Given that manufacturing represents a relatively small share of the UK economy, the persistent weakness in consumer spending is a bigger consideration for the Bank of England,” ING economist James Smith said.
The ONS said the latest economic data did not suggest there would be any change to its initial estimate that the UK economy grew 0.4% in the third quarter of the year.