Once again, worries seem to be appearing in the United Kingdom, where today we see the manufacturing and industrial production dip, as manufacturing output fell to its lowest level since 1992; resulting from the manufacturing sector's contraction widening in August.

The industrial production for the month of August came in at -2.5%, worse than the prior and expected readings of 0.5% and 0.2% respectively. While on the year, it extended its decline to -11.2% lower than both the prior -9.3% and projected -8.7 percent.

As the industrial production output is decreases, it means that the economy is having a rough time boosting its production output, as a result of the crippled domestic and overseas demand.

When industries begin to produce less, more demobilized employees will arise, as a way to cut back on expenses and softens the labor market further, where unemployment rates already stands at 7.9%, the highest in 14 years. 

Also released was the manufacturing production for August, coming in at -1.9% worse than the revised prior reading 0.7% from 0.9%, and the predicted reading of 0.3 percent. While on the year, they plunged to -11.3% lower than the revised previous reading of -10.2% from -10.1%, while it was forecasted to come in at -9.3 percent.

By breaking down data into details, we see that on the month mining & quarrying fell to -7.3% from -0.4%, yearly they slipped 12.2% from 3.2%, while oil and gas declined to -7.7% from -0.7 percent and on the year it tumbled to -9.4% from 0.2 percent.  

In other news today, Halifax released its house prices showing that for the month of September they climbed 1.6% from the prior reading of 0.8%, while markets anticipated 0.6%; on the year they eased their decline to -7.4 percent from the previous -10.1%, which is better than the predicted reading of -7.8 percent.

Officials are already applying all possible solutions to battle the recession; where the central bank bought gilts worth 175 billion pounds, while taking interest rates down to 0.50%. The government also did not stand still, since they are dealing with a widened budget deficit.

Housing data has been bright lately, giving us proof that the housing sector is indeed bottoming out from the worst housing slump in 25 years; triggered from the worst financial crisis since the Great Depression.

A major factor that is weighing on the housing sector is the lack of funds being provided to consumers. Since lately, banks have not stabilized as they struggle to clear their balance sheets from toxic assets. With no funds being provided, it is difficult for Britons to purchase houses, since that requires a great amount of cash at a time where some are jobless.

So once again a recovery in the United Kingdom will take some time to occur, especially as a result of the credit crisis, mounting of job losses and weak production output.

Turning to the European stock markets, we see they are rising as a result of higher commodity prices that are boosting metal producer company profits. As of 09:08 GMT; the DJ Euro Stoxx 50 gained 23.99 points or 0.86% to 2814.83 points; CAC 40 rose 23.51 points or 0.64% to 3698.52 points; while DAX climbed 41.26 points or 0.75% to 5550.53 points.