UK industrial production beats expectations in July
|The Office for National Statistics (ONS) published the UK industrial and manufacturing production data on Wednesday, showing that the overall industrial output came in much stronger than expected in July, despite deteriorating manufacturing sector activity.
Manufacturing output dropped 0.9% m/m in July versus a revised 0.2% fall seen in June, while total industrial output surprised to the upside on monthly basis, with the figures showing a +0.10% rise in the reported month, matching the previous reading. Markets had predicted a negative reading of -0.4% and -0.2% respectively.
On annualized basis, UK manufacturing production was up 0.8%, compared with expectations of +1.7%. Total industrial output rose 2.1% from a year earlier, beating estimates and against the previous +1.4% print.
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