Both industrial production and manufacturing showed good increases in February, 1% and 1.3% respectively, and both are showing decent 0.8% rises compared with the previous three months.
Perhaps most importantly, both point to a Q1 average significantly above the fourth quarter of 2009. Taken together with the British Chambers of Commerce survey and the service and manufacturing purchasing managers’ index numbers, a first-quarter double-dip looks to have been comfortably avoided. More here.
The Bank of England, as expected, did nothing, leaving Bank rate at 0.5%.
Originally published at David Smith’s EconomicsUK and reproduced here with the author’s permission.
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