Ian McCafferty
Ian McCafferty
Ian John McCaffertyis a Scottish former long-distance runner. He won the silver medal at the 1970 Commonwealth Games 5000 metres when he recorded a time of 13:23.34...
both fact retailing services slowing
With retailing and manufacturing both very weak, the fact that services are slowing is particularly worrying.
driver recent sector service
The service sector in recent years has been an important driver of growth,
cost fuel high housing increasing less negative news pressures recent retail slightly
The slightly less negative recent news from the housing and retail sectors contrasts with increasing pressures on manufacturers from the high cost of fuel and materials.
bill continuing costs curb cutting driven employment energy gas high increased investment level material oil prices raw respond sustained wage
The sustained high level of oil and sharply increased gas prices have driven up energy and raw material costs and manufacturers are continuing to respond by cutting employment to curb the wage bill and boosting investment in efficiency-improving measures.
chemicals coming cost depress expect groups high industry metal month oil pressures prices products profits rise sector serve three
Only two of the 10 industry groups surveyed this month - chemicals and metal products - expect prices to rise in their sector over the coming three months. Cost pressures from high oil and transportation prices will only serve to depress profits further,
business costs doubt energy face global months provides recent survey uk
With energy costs up sharply in recent months and some disappointing developments in the global economy, there is no doubt UK manufacturers still face a challenging business environment. Nevertheless, this survey provides some encouraging news.
bank cut momentum room sign small
We think there's room for a small cut and look to the Bank to do so if there's no sign of a pick-up in momentum in the economy.
conditions continue costs demand inexorable keeps margins prices profit rise seemingly thin tough weak
Conditions for manufacturers are getting increasingly tough as costs continue their seemingly inexorable rise but weak demand keeps prices down, squeezing already thin profit margins even further.
alert bank chosen coming cost current cut economic economy follow fuel further given high housing increasing less mixed negative news pressures rates recent remain retail slightly stay steady weaknesses
The Bank has chosen to follow a steady course. This is particularly understandable given current mixed economic signals. The slightly less negative recent news from the housing and retail sectors contrasts with increasing pressures on manufacturers from the high cost of fuel and materials. The MPC should stay alert to further weaknesses in the economy and must remain on standby to cut rates over the coming months.
endured hope horizon
There are glimmers of hope on the horizon for manufacturers who have endured a long-lasting downturn.
emerging sector signs
There are emerging signs that the hard-pressed manufacturing sector is improving.
bank fragile opportunity provide support
We are disappointed that the Bank did not take the opportunity to provide some support for the fragile economy.
although blow decline demand difficult early economy export face fall further global hoping latest oil price sign start
Although it is too early to say if this month's decline in export demand is the start of a trend, the fall is a further blow for manufacturers at a difficult time. Firms will be hoping this is not the first sign of slow-down in the global economy in the face of the latest oil price increases.
consumer markets spending uk weak
A combination of weak consumer spending and challenging world markets is weighing on UK manufacturing.