Saturday, 31 October, 2020

UK Industrial & Construction Output Fall Unexpectedly

Building Development Along The Thames In East London Output in construction was driven lower by a fall in new work
Debra Rodriguez | 09 July, 2017, 00:33

Industrial output grew 1.9% in May from April, when it fell 0.6%.

On Thursday, the leader of one of Britain's main business lobby groups put her organization's weight behind ongoing membership of the EU single market as well as the customs union.

Sterling dipped below $1.29 after Friday's data and hit its lowest level since June 28.

Meanwhile the construction industry also endured a hard month, failing to reverse April's 1.1 per cent decline by dropping 1.2 per cent in May against forecasts of 0.5 per cent growth.

However, reacting to the latest economic figures, Peter Dixon, an economist at Commerzbank, said: "It's all building up a pattern here that says the economy is clearly losing momentum".

EY Item Club chief economic adviser Howard Archer says the figures come on the back of several months of soft data and are set to drag of Q2 GDP growth. "Under those circumstances, the timing of the hawks on the Monetary Policy Committee pushing for a rate hike doesn't look great".

UK Industrial & Construction Output Fall Unexpectedly

Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said the industrial production data increased the likelihood of the Bank of England's Monetary Policy Committee keeping interest rates on hold at 0.25 per cent.

The strength of next Wednesday's official data on wages is now likely to be critical for BoE policymakers as they mull whether to raise interest rates from their record low 0.25 percent.

United Kingdom industrial production and construction output dropped unexpectedly in May, weighing on the economic growth for the second quarter. Industry figures have shown a fall in new auto sales.

The total trade deficit widened by £2.0 billion to £8.9 billion in the 3 months to May, driven by large increase in imports in March and then a further increase in May.

Similarly, manufacturing output dropped 0.2%, offsetting a 0.2% rise in April.

The ONS figures add to other gloomy data released yesterday showing slower rates of expansion across manufacturing, services and construction - with the weakest rate of growth seen in the services sector, as weaker consumer spending had an impact.

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