UK Industrial Output Falls in June

UK industrial output fell 0.4% in June following a drop in oil, gas and mining production, according to figures from the Office for National Statistics (ONS).

The ONS blamed part of the fall on maintenance in a major oil field.

Compared with a year ago, total production output is estimated to have increased by 1.5%.

Output from the manufacturing sector increased by 0.2% in June, following a 0.6% drop in May.

UK manufacturers have struggled this year due to weak demand from Europe, a high pound and sluggish investment.

Despite the return to growth in June, the chief economist at the British Chambers of Commerce, David Kern, described the manufacturing sector’s overall performance as “mediocre”.

“Year-on-year growth is below 1% and the level of manufacturing output is still almost 5% below its pre-recession peak in the first quarter of 2008.”

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza