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Barclays comment on ONS Manufacturing Figures

“The figures released by the Office of National Statistics this morning show manufacturing output to have increased by 0.3 per cent for the period between September and October. "Volatility can cause monthly figures to be misleading however. While quarterly figures show output flat they are still 0.3 per cent higher than the corresponding period last year. "The quarterly figures show that seven of the 13 sectors are still growing with fuel refining leading the way. The most marked decline is in transport equipment which relates to aircraft and shipping. "Manufacturers continue to face the challenges of increasing input costs and the weak dollar which is impacting on export competitiveness. "Manufacturers will have been heartened by today’s decision by the MPC to cut the base rate by 0.25 per cent." Ray O'Donoghue - National Head of UK Manufacturing, Barclays Commercial Bank