UK DATA: Oct manufacturing output +0.6% m/m; +5.8% y/y; median +0.3;+5.4
–Oct industrial production -0.2% m/m; +3.3% y/y; median +0.2; +3.8
————————————————————————
Manufacturing output rose 0.6% m/m in Oct, well above the 0.3%
median forecast and the strongest increase since March. Manufacturing
registered a 5.8% increase on October 2009. Industrial production
actually fell on the month by 0.2% and was just 3.3% up on the year,
significantly weaker than the +0.2% m/m and the +3.8% y/y median
forecasts. A decline in output in the oil and gas sector seems to have
been key to the m/m decline in production. Oil and gas output fell by
4.2% on the month and was 8.0% lower on the year. Earlier maintenance in
North Sea oil fields and ensuing complications with seasonal adjustments
of the figures appears to have been a key factor in the month-on-month
fall.