UK industry is still showing very little sign of getting involved in the country’s economic recovery in any major way — industrial production figures just out for February disappointed even the modest forecasts.
Analysts had expected a 0.3% rise month-on-month and a 0.4% increase compared to February last year, but both disappointed — industrial production is now only 0.1% higher than it was 12 months ago, despite the recovery.
Manufacturing production (which strips out the particularly awful oil and gas figures) is better, but not that much better. Output rose 1.1% in the year to February, below the 1.4% expected and much slower than the rest of the economy in general.
These are the last industrial data numbers we’ll get from the ONS until after the election on May 7.
Here’s how it looks in context. Though the UK’s economy broke through 2008 peak levels last year, manufacturing and industry are still way behind: