Details of the March 2017 UK industrial, manufacturing & construction output reports 11 May 2017
Prior -0.7%. Revised to -0.8%
- 1.4% vs 2.1% exp y/y. Prior 2.8%. Revised to 2.5%
- Manufacturing production -0.6% vs 0.0% exp m/m. Prior -0.1%. Revised to -0.3%
- 2.3% vs 3.0% exp y/y. Prior 3.3%. Revised to 3.0%
- Construction output -0.7% vs 0.4% exp m/m. Prior -1.7%
- 2.4% vs 2.9% exp y/y. Prior 0.5%. Revised to 0.9%
Worse than expected but probably not bad enough to trouble 1.2900 in cable. Early moments though.
It looks like energy production did most of the damage as it was the only sector to post negative numbers.
Crazy headlines from the wires "British industrial output shrank for a third month in a row underscoring how the impact of last year's Brexit vote has begun to weigh on the economy". What absolute cobblers. Considering the sector that's driven this fall, it's 99.99999% certain to be weather related.
Manufacturing suffered but as I noted just before, that was to be expected. Next month we'll see if the data here matches the upbeat numbers we got in April's PMI's.
UK industrial, manufacturing, and construction output y/y
