UK industrial production unexpectedly drops in Oct - a Big miss

The Office for National Statistics (ONS) published the industrial and manufacturing production data for the UK economy  on Wednesday, showing that the overall industrial output surprised markets to the downside and dropped sharply in October, against an expected rise in output.

Manufacturing output dropped 0.9% m/m in Oct versus a revised 0.6% rise seen in Sept, while total industrial output also surprised negatively on monthly basis, with the figures showing a 1.3% drop in the reported month, against a 0.2% increase expected and a 0.4% fall seen previously.

On annualized basis, UK manufacturing production was down 0.4%, compared with expectations of +0.8%. Total industrial output slumped -1.1% from a year earlier, missing estimates big time and against the previous +0.4% print.