There are signs that the UK economy is starting to pick up.
But it’s not totally smooth.
The latest is some ugly production data.
UK May manufacturing output down 0.8% (forecast +0.3%); -2.9% y/y biggest fall since January. Industrial output unchanged m/m; -2.3% y/y
— Markit Economics (@MarkitEconomics) July 9, 2013
Here’s more from the UK Office of National Statistics:
- Users are reminded that all figures contained within this release are seasonally adjusted estimates.
- Production output fell by 2.3% between May 2012 and May 2013. Three of the main sectors except for water supply, sewerage & waste management, were lower than they were a year ago. Manufacturing fell by 2.9% over the same period.
- The main manufacturing components contributing to the fall between May 2012 and May 2013 were the manufacture of machinery & equipment not elsewhere classified; the manufacture of rubber and plastic products & other non-metallic mineral products; and the manufacture of basic metals & metal products.
- Users should be cautious when comparing movements between May 2012 and May 2013 data. In 2012, the end of May bank holiday was moved to June resulting in an additional working day in May, which may have been a contributing factor to the growth between these two periods. Production was flat (0.0% growth) between April 2013 and May 2013. Manufacturing fell by 0.8% over the same period, the second consecutive fall this year.
- The main manufacturing components contributing to the fall between April 2013 and May 2013 were the manufacture of basic pharmaceutical products & pharmaceutical preparations; the manufacture of basic metals & metal products, and the manufacture of computer, electronic & optical products.
- In this release, periods back to January 1997 are open for revision. The indices have been rebased and re-referenced to 2010=100, consistent with Blue Book 2013.
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