Recent Updates
- Israel: Average Housing Prices (Q2)
- Japan: NCI Economic Activity Index (Aug)
- US: NAHB/Wells Fargo Housing Market Index (Aug)
- Canada: Wholesale trade, MSIO (June)
- Pakistan: Foreign Currency Deposits and Utilization (JUL)
- more updates...
Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Carol Stone June 9, 2005
Industrial production picked up in the UK in April, rising 0.8%, the first increase since December. Metals, machinery, wood and paper products and electrical machinery were among the main movers in April's upturn. Beneficial to UK industry as this was, it still left production down 2.7% from a year ago. The manufacturing sector is also off by that amount and the mining sector, even more. Notably, among mining divisions, the energy sector has been lagging, while non-energy mining output is climbing. Year-on-year declines in the manufacturing sector are widespread, with output of textiles, paper, and electrical machinery all down at least 7%; thus, gains for all of these in April are gratifying, although that in textiles is quite small at 0.4%, month-on-month. Overall, the UK industrial sector appears hesitant, and with sluggishness in the industrial sector mirrored in employment and also most recent in a decline in new home construction starts.
South Africa also reported April production data today. That nation's industrial activity looks much healthier, with widespread uptrends in both factory and mining sectors. Output of manufactures is up vigorously, with a 2.8% month-on-month rise in April, capping a 7.1% yearly gain. The largest increases are in food, glass, motor vehicles and furniture. South Africa's mining sector saw a monthly decrease, but trends there are generally strong, with output of nearly every major mineral well above a year ago. Copper, for instance, has seen year-to-year increases the last two months, apparently ending a long decline. "Other" metals have risen 27% and diamonds, 33.5%. Only nickel and gold show year-over-year declines. Mining represents nearly a quarter of total industry in South Africa, compared with 14% in the UK.
Industrial Production | Apr 2005 | Mar 2005 | Year Ago | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
UK Total | 0.8 | -1.0 | -2.7 | 0.5 | -0.1 | -2.5 |
Manufacturing | 0.9 | -1.6 | -2.7 | 1.4 | 0.5 | -3.1 |
Mining | 0.6 | 1.3 | -5.8 | -7.8 | -5.3 | -0.3 |
South Africa | -- | -- | -- | -- | -- | -- |
Manufacturing | 2.8 | 0.7 | 7.1 | 4.3 | -1.9 | 4.5 |
Mining | -3.2 | 12.9 | 7.1 | 3.9 | 4.0 | 0.8 |
Mining ex Gold | -2.0 | 15.0 | 12.6 | 7.3 | 7.2 | 0.8 |