Manufacturing output turned the corner in September, providing a glimmer of hope that the economy may have avoided recession in the third quarter.
Manufacturing production increased by 0.9% in September compared with a year ago after contracting by a slightly revised 0.3% (0.2%) in August.
Higher production in the petroleum, chemical products, rubber and plastic products; and food and beverages divisions supported the improvement in manufacturing production.
These increases were offset by lower production in the motor vehicles, parts and accessories and other transport equipment; and basic iron and steel, non-ferrous metal products, metal products and machinery divisions.
Seasonally adjusted manufacturing production increased by 2.2% in September compared with August after increasing by 0.6% in August.
Seasonally adjusted manufacturing production increased by 1.4% in the third quarter compared with the second quarter, with eight of the ten manufacturing divisions reporting positive growth rates over the period.
The main contributor to the 1.4% increase was the petroleum, chemical products, rubber and plastic products division.
