UK June industrial production 0.5% m/m vs 0.1% exp

Author: Nick Bovell | Category: News

Industrial production from UK coming in at 0.3% y/y vs -0.1% expected.

  • Manufacturing production 0% m/m vs 0% exp, -0.2% prior (revised up to -0.1)
  • Manufacturing production 0.6% y/y vs 0.6% exp, 0.4% prior (revised down to 0.3%)
  • Construction production -0.1% m/m vs 1.5% exp, -1.2% prior (revised up to -0.4)
  • Construction production 0.9% y/y vs 1.9% exp, -0.3% prior (revised up to 0.5%)
  • Industrial production m/m prior revised up to 0.0% from -0.1
  • Industrial production y/y prior -0.2%

Solid beat on the overall industrial output, but moderated by the miss on construction component and in-line for manufacturing.

Revisions mostly higher also a positive.

Cable pops up 30 pips from lows but nothing game-changing in these figures.

Highlights of the release:

  •  Manufacturing broadly flat with falling car production offset by a rise in oil production
  • Total quarterly production output was -0.4%, driven predominantly by weak manufacturing
  • Auto production declined 5.8%, the largest 3M/3M fall since Apr 2009
  • Total trade deficit remained broadly flat Q1 and Q2 2017, wider by 100mln Q/Q to 8.9bln
  • Construction fell again following strong start to year
  • The quarterly fall in total construction output was broad-based across sectors