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UK industrial production surprises with a sharp drop in January
12-03-2013 09:46
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Industrial production in the United Kingdom fell at a seasonally adjusted rate of 1.2 per cent on the month (-2.9 per cent on the year) in January according to the latest data from the Office for National Statistics (ONS).
The consensus estimate had been for a small rise, of 0.1%.
Manufacturing output was even weaker, contracting at a 1.5% month-on-month pace (Consensus: -0.3%). When compared to the same month of a year ago production was 3.0% lower.
Activity in the mining & quarrying space fell by 2.4% month-on-month while output in the water and waste management space dropped by 0.2%, although energy output rose by 1.2%.
As an initial reaction Sterling dropped to 1.4849 versus the US dollar.
AB
The consensus estimate had been for a small rise, of 0.1%.
Manufacturing output was even weaker, contracting at a 1.5% month-on-month pace (Consensus: -0.3%). When compared to the same month of a year ago production was 3.0% lower.
Activity in the mining & quarrying space fell by 2.4% month-on-month while output in the water and waste management space dropped by 0.2%, although energy output rose by 1.2%.
As an initial reaction Sterling dropped to 1.4849 versus the US dollar.
AB
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