Plunge in manufacturing sends sterling tumbling

UK manufacturing output plummeted by 1.5% month-on-month in April, according to official data yesterday which heaped further doubt on the momentum of economic recovery.

News of the plunge wrongfooted the City, which had predicted a fall of only 0.1%, and sent the pound tumbling to a two-week low against the dollar. Sterling was last night trading around $1.6230, down about one-and-a-half cents on its Thursday close.

The poor manufacturing data raised further the chances that the Bank of England will hold UK base rates at a record low of 0.5% in coming months. This outlook was further reinforced yesterday by a Bank of England survey which showed declining inflation expectations.

Economists acknowledged the extra public holiday for the royal wedding and the fact that Easter fell later this year would probably have played a part in dampening manufacturing output in April. However, they hammered home their view that this was far from the whole story.

Broader industrial production, which includes mining and quarrying, oil and gas extraction, and electricity, gas and water supply as well as manufacturing output, dropped by 1.7% month-on-month in April. This is in stark contrast to the 0.1% month-on-month rise predicted by the City, and is another pointer to weak growth by the UK economy, at best, in the second quarter.

The UK economy stagnated in the six months to March, with a 0.5% fall in output in the fourth quarter of last year followed by a 0.5% rise in the opening three months of 2011. This stalling of recovery precedes the implementation of the bulk of the swingeing cuts in public spending planned by the Conservative-Liberal Democrat Government.

Chris Williamson, chief economist at financial information company Markit, described the April manufacturing output figures as “shockingly weak”.

He said: “It would be wrong to get too concerned over these figures, but it would also be wrong to dismiss them as merely signalling a temporary set-back.”

Mr Williamson added: “The larger-than-expected decline most likely reflects temporary hits to growth arising from the timing of Easter, the extra public holiday – which may have encouraged factories to pull forward their maintenance closures – and supply chain disruptions resulting from the Japanese earthquake. Temporary factors aside, a downward underlying trend in the growth rate of the manufacturing sector is very evident, reflecting weaker demand at home and abroad.

Things To Consider While Buying Bulk Sterling Silver Chains By ...

Selling bulk sterling silver chains by foot has become a popular criterion amongst dealers of wholesale jewelry making supplies. There are many ways in which sterling silver chains are sold at wholesale prices but this is the most common manner of sale and purchase. Not only the sellers prefer to sell bulk sterling silver chains by foot but also the buyers opt for this arrangement as it makes the use of these chains convenient for their different jewelry projects. Comparison between different sellers: When purchasing bulk sterling silver chains by foot one must always go through the deals offered by different wholesale dealers both local and online. Instead of sticking to the first wholesaler one comes across, it is advisable to do a thorough research on the prices offered by other dealers along with the quality and quantity ratios. In today’s fast paced world internet has simplified day to day task to a great level. Now, one can sit at the comfort of his home and shop through online resources. Thus, one must take advantage of such resources to compare the prices and deals offered by differed wholesale retailers and settle for the winner. Sale Season: Buying bulk sterling silver chains by foot can be even more profitable if they are purchased when the wholesaler is running some promotional offer, seasonal discount or clearance sale. Many times dealers offer various additional bulk discounts depending upon the quantity and final price while some offer discount coupons on every purchase that can be used for the next one. This enables buyers to buy great quality chains at lucrative and affordable prices. Keeping these three points in mind can help any buyer whether experienced or amateur to buy a great variety of sterling silver chains at highly cost effective prices. While buying bulk sterling silver chains by foot online one must always be cautious regarding the quality and quantity of chains delivered as the online purchasing gives a lot of chances to the seller to befool a customer.

Billboard

Billboard

The Sterling furnace and the West Point chain, an historical address delivered at Sterling Lake, on Saturday, June 23, 1906, on the occasion of the unveiling of a tablet at that place by the Daughters of the Revolution of the state of New York, in commemoration of the furnace and of the making of the chain

Ms. magazine

Billboard