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