UK industrial output beats forecasts for MayStaff Writer | July 8, 2016
UK industrial production data for May was better than expected, official data showed.
Industry in Britain Output rose 1.4 percent in May
Comparing May's industrial output to the preceding month, the decline was only 0.5%, beating the expected 1% fall even though it was down from the revised 2.1% growth from a month ago.
There were decreases in three of the four main sectors, with the largest downward movement coming from manufacturing.
Manufacturing production was down 0.5% month-on-month, ahead of the predicted 1.2% decline, while a 1.7% increase year-on-year also beat forecasts for a 0.4% rise.
The Index of Production (IoP), seen as one of the earliest indicators of growth and it measures output in the manufacturing, mining & quarrying, energy supply and water supply & waste management industries, was up 1.4% on the same month last year, down 0.5% on the preceding month, while on a three-month basis was up 1.2% on 2015's equivalent and up 1.9% on the preceding period in 2016. ■