Year-to-year British manufacturing is up

Britain's Office for National Statistics said Tuesday that the Index of Manufacturing rose 1.5 percent in August on an annual basis. The index rose from a year earlier to 96.4, but fell 0.3 percent compared to July. Compared to July, seven manufacturing industries declined, while six advanced. In August, output from food, beverages and tobacco industries rose 4.8 percent. Machinery and equipment industries rose 8.3 percent. Business contracted furthest in wood and paper products, down 3.2 percent, and metal and metal products, down 1.5 percent. Analysts often interpret a drop in metals -- a component of other goods -- as a sign that factory managers sense a downturn in demand on the horizon.