Further evidence to the weak pace of recovery in the UK came today in the form of the latest industrial output figures. For the month of January, output unexpectedly fell by 0.4 percent compared to the previous month, according to the latest figures from the Office for National Statistics (ONS). The result set off a minor shock wave as official estimates predicted a 0.3 percent increase.
On the positive side, year-on-year manufacturing actually increased 0.2 percent. Based on this, some analysts attempted to downplay the report, suggesting January’s result was simple a “rogue” number in what has otherwise been a string of monthly increases.
“The only comforting feature with manufacturing is that all the surveys show the output trend to be positive, which gives us confidence that January’s official reading is a bit of a rogue number,” noted Investec economist Philip Shaw.
Source: BBC News
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