Industrial Production

Mr. Churchill
asked the Chancellor of the Exchequer what was the index of industrial production for February 1978, taking February 1974 as 100; and what is the index for the most recent month for which figures are available and for the comparable month in 1973.

Mr. Joel Barnett
The table below shows the all-industries index of industrial production for each of the months specified in the Question, seasonally adjusted and resealed to February 1974=100.----------------------
|                    |
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|Seasonally adjusted—||
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|September 1973      |
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|February 1974       |
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|February 1978       |
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|September 1978      |
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The use for some industries of series which measure deliveries or sales rather than production can result in the index overstating or understating the level of output, and makes measurement from the early months of 1974—when production was disrupted by the three-day working week—particularly hazardous. Adjustments for this effect, however, are available only quarterly and in arrears of the latest index data. The quarterly data after adjustment, resealed to 1st quarter 1974=100, are given in the table below.----------------------
|                    |
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|Seasonally adjusted—||
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|2nd quarter 1973    |
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|3rd quarter 1973    |
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|1st quarter 1974    |
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|2nd quarter 1978    |
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|3rd quarter 1978    |
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