Better Than Expected Industrial Output Could Signal Increased Jobs
Written by Geoff Newman on 8/8/2012
It has been revealed by the Office for National Statistics (ONS) that industrial output was better than expected during June, indicating that British manufacturing is on the right track and that an increase in employment could be noted over the coming months and years.
With two major public holidays occurring during June, it was always predicted that industrial output might have dropped a little. The Queen’s Diamond Jubilee may have caused celebrations in the street, but many industries noted sharp drops in business because of the extra two days break. Compared to figures for June 2011, the ONS showed that a drop of 4.3% was noted from Britain’s mines and factories.
With early forecasts having predicted that this figure could reach 5%, actual statistics were not as bad as initially thought. Meanwhile, the month-to-month figures were also improved, with the decline of 2.5% being far less negative than the expected 3.4%. In addition, though experts predicted a drop in manufacturing of 5.3% when compared to the same period a year earlier, actual figures came in at a 4.3% decline.
Overall, the figures go to show that Britain’s industrial output was nowhere near as bad as feared, generating optimism that the mining and manufacturing sectors are managing to stabilise themselves despite the difficult economic conditions. This could all lead to improved employment opportunities for workers, with recruitment agencies seeing increased vacancies as confidence continues to rise.