Latest data released by ONS - 10 July 2018
- Prior -1.4%; revised to -1.3%
- Manufacturing production +1.1% vs +1.9% y/y expected
- Prior +1.4%; revised to +0.9%
- Industrial production -0.4% vs +0.5% m/m expected
- Prior -0.8%; revised to -1.0%
- Industrial production +0.8% vs +1.9% y/y expected
- Prior +1.8%; revised to +1.6%
- Construction output +2.9% vs +0.6% m/m expected
- Prior +0.5%; revised to 0.0%
- Construction output +1.6% vs -1.6% y/y expected
- Prior -3.3%; revised to -1.2%
Slight delay in the release by the source. The GDP figures were in line with estimates, but the factory output data here is a tad softer than estimated and softer revisions to boot. Cable falling from the highs around 1.3290 levels to 1.3274 currently.
A tad softer relative to prior figures as well, except for construction output data but that's not too encouraging that we're seeing a healthy rebound in factory activity. The bright spot is that the UK economy relies much more on services but still, softer conditions here isn't going to add to the pricing of a BOE rate hike in August.
