The 1.7% m/m decline in real manufacturing sales in August more than reversed the gains over the preceding couple of months, leaving volumes at a seven-month low. Admittedly, sales are being held back by temporary disruption in the metals and chemicals sectors, while there is still scope for a further rebound in motor vehicle sales as shortages ease further. But the weak global backdrop and elevated inventories suggests that the domestic manufacturing sector will continue to struggle.
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