Rising auto production boosted U.K. manufacturing output to its strongest level of growth in more than three years in July, with monthly industrial production also beating expectations.(…)
In the U.K., data from the Office for National Statistics showed manufacturing output rose 0.9% from the previous month in July and fell 10.1% on a yearly basis. That beat analyst predictions of a 0.4% monthly gain and a 9.9% annual drop, marking the strongest month-to-month rise since May 2006.
June’s results were revised up to show a 0.6% monthly rise and an 11.3% yearly fall.
The wider measure of industrial production gained 0.5% from the previous month — marking the first consecutive monthly rise since September 2006 — and slumped 9.3% in annual terms. Economists had forecast a 0.4% monthly rise and an 11% annual drop.
June’s figures were also revised to show a 0.6% monthly gain and 11.3% annualized fall in output.
The breakdown of the data showed that the rise was prompted largely by auto production, which rose 10.4% from the previous month. Eight of the 13 sub-sectors posted a rise, the ONS said.
Industrial production is highly volatile and three-month output data are a better guide to trends than the monthly figures. In the three months to July, industrial production was flat from the previous three-month period, while manufacturing output rose 0.2%, its first quarterly rise since March 2008.
To put UK manufacturing output into perspective, from Bloomberg via FT Alphaville
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