UK manufacturing output declines
Figures released by the Office for National Statistics have shown that UK manufacturing output fell 0.8% in March, ending hopes that the sector is recovering from the global economic downturn. The news also made it unlikely that the Bank of England's monetary policy committee would raise interest rates after meeting this week.
Falls in the chemicals, man-made fibres and transport equipment sectors were chiefly to blame for the fall, which was at an annual rate of 6.8% in March. The results were surprising after several surveys had seemed to point to rising optimism among UK manufacturers for a recovery in the second half of 2002.
Some industries managed to escape the downward trend, however. Output from the textile, leather and clothing sector recovered slightly between February and March, though to a level still 7.9% down on the year.
