UK manufacturing saw a slump of 0.7% in output for October, the fastest fall in the industry for six months, according to the latest figures released by the Office of National Statistics (ONS).
When taken in comparison with the same month in 2010, the fall in output was 1.7%.
The figures were worse than those predicted by analysts, as the grim readings suggested a slowdown across the wider economy.
The figures came just a day after brighter news had come from the Services sector, where a growth in output was recorded with higher volumes of new work having been recorded.
Funding solutions for Manufacturers
Is your manufacturing business struggling to access external funding solutions?
Especially as bank overdraft and loan facilities are becoming increasingly more expensive and inaccessible, we find that manufacturers often benefit from alternative solutions, such as invoice finance.
Invoice finance, which includes invoice factoring and invoice discounting facilities, works by releasing cash that gets tied up in unpaid invoices, which often take 30, 60 or even 90 days to be paid in today’s economic environment.
Why not check out more of the benefits manufacturers can receive from our specially-designed products aimed at the industry, or contact us now if you just want to speak to someone about how our facilities work
Approximately one in three businesses using invoice factoring or invoice discounting across the UK are manufacturers (as of end of 2012)