Survey of Manufacturing (Dec.)

December's disappointing 3.1% m/m drop in manufacturing sales more than offset the previous month's rebound and suggests that industrial production faltered at the end of last year. Overall, the risks to our annualised fourth-quarter GDP growth estimate of 0.8% now lie slightly to the downside, with growth probably no better than the paltry 0.6% growth posted in the previous quarter.

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