Industrial production in the first five months of this year showed a moderate increase, with output growing by about 1 per cent over the same period last year and by about 1 1/2 per cent over the average for 1977. The figures for May, however, seem erratically low with perhaps a failure to adjust fully for the changes in the timing of Bank Holidays this year. The underlying trend rate of growth may therefore be higher than the rates given above.