Yes, the very same point I raise in another comment on this thread. And the difference is this: Manufacturing output is an almost meaningless metric unless its

Yes, the very same point I raise in another comment on this thread. And the difference is this: Manufacturing output is an almost meaningless metric unless its tied to jobs, balance of trade or some other "facts on the ground" statistic. For example, the loss of British manufacturing jobs is strongly correlated to a growing British trade deficit, an enlarged British welfare system, and a concerning British debt-to-gdp ratio. It doesn't matter how many Trent jet engines Rolls Royce exports if the bulk of inputs are imported and there is little impact on jobs. But, because of the high price, those engine can have quite an impact on reported manufacturing output.