P.M. BRIEFING : British Costs Up, Output Down
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LONDON — British labor costs are rising but industrial output is down as a result of relatively high interest rates the government has imposed in its fight against inflation, official figures released today showed.
“Our problem is we are spending too much and producing too little,” said Steven Bell, chief economist at London merchant bank Morgan Grenfell.
The Department of Employment said average unit wage and salary costs in manufacturing rose an annual 5.6% in the three months to November, after rising a revised year-on-year 5.1% in the three months to October.
The Central Statistical Office reported manufacturing production fell a provisional, seasonally adjusted 0.7% in November after a revised 1% increase in October.
Industrial output, which includes oil and gas production, dipped 0.5% in November after a 0.9% increase in October.
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