UK Manufacturing Production declines 1.1% MoM in October vs. 0% expected

Dhwani Mehta FXStreet

The United Kingdom’s (UK) industrial sector downturn deepened in October, according to the data released by the Office for National Statistics (ONS) on Wednesday.

Manufacturing Output dropped 1.1% MoM in October versus 0% expected and 0.1% seen in September while total Industrial Production came in at -0.8% MoM vs. -0.1% expected and 0% previous.

The annual UK Manufacturing Production data rose 0.8% in October, missing expectations of 1.9%. Total Industrial Output accelerated by 0.4% in the tenth month of the year, below the 1.1% estimated growth and the previous print of 1.5%.

Separately, the UK Goods Trade Balance numbers were published, which arrived at GBP- 17.032 billion in October versus GBP -14.10 billion expectations and GBP -14.288 billion last. The total Trade Balance (non-EU) came in at GBP-4.828 billion in October versus GBP-4.45 billion reported in September.

Economic Indicator

United Kingdom Manufacturing Production (MoM)

The Manufacturing Production released by the National Statistics measures the manufacturing output. Manufacturing Production is significant as a short term indicator of the strength of UK manufacturing activity that dominates a large part of total GDP. A high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish).

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