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Further increase for official index of production

9 September 2010
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Further increase for official index of productionThe UK's official index of production continued to rise during July 2010.

According to data from the Office for National Statistics, the measure of activity in industry expanded on a year-on-year basis by 1.9 per cent.

Standing 4.9 per cent higher over the 12 months to July, the index of manufacturing saw output increase in nine out of 13 sub-sectors.

The seasonally-adjusted figures showed that output in the manufacturing field rose by 0.3 per cent in the month between June and July 2010, boosted by strong growth in the machinery and equipment and basic metals and metal products industries.

The figures, which were in line with experts' projections, were welcomed by Caxton FX analyst Duncan Higgins as evidence of continuing recovery in the market.

"For the time being at least the signs point to economic expansion in the third quarter, but there are clear risks ahead as the government's spending cuts bite," he cautioned.

Recent figures from Markit and the CIPS showed a fall in the UK purchasing managers index from 56.9 in July 2010 to 54.3 in August.ADNFCR-3058-ID-800059313-ADNFCR
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