Although manufacturing sales fell by 0.9% m/m in July, in line with the preliminary estimate, that was a better outcome than we had expected given the more downbeat export data. Furthermore, the decline was mainly due to a drop back in prices, with sales volumes increasing by 0.6% m/m in July, following an upwardly revised gain of 0.5% in June. Given the recent weakness in the survey data, however, we doubt this is the start of a manufacturing revival.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services