A solid m/m beat +2.3%

  • expected 0.7% m/m, prior 0.6%

-1.8% y/y

  • expected -2.9% y/y, prior -1.1%

Looking ahead, manufacturers expect:

  • June output at -1.2% m/m
  • July at +0.3% m/m

The better results will be welcome. Not so the look ahead though - expected to see a decline in June.