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UK Industrial Production rose, but manufacturing sector still weak

Tuesday, Jul 07 2015
UK Industrial output rose by a monthly 0.4% in May, official figures showed on Tuesday, beating all forecasts from economists who had predicted a drop of 0.3%.Oil and gas output, which had been strong in the previous two months as global oil prices began to recover from last year's fall, leapt by 7.3 percent from April, the biggest increase in more than a year.
 
An official at the Office for National Statistics said the government believed the increase might also be linked to a tax cut announced in March. However, the figures showed up the weakness in much of British manufacturing, something Osborne has said he wants to tackle in his budget announcement.
 
Output in the factory sector in May fell 0.6%,missing forecasts on 0.2% increase. Britain's manufacturers have struggled to make much headway in recent months due to a combination of weak demand in Europe and the strengthening of the pound against the euro currency.
 
After the data Sterling fell and is currently being traded few points above 1.5520 level. Pair is likely to find support around 1.55 and resistance above 1.5580 area. Later today, in the US session, Trade Balance and JOLTS Job Openings figures are scheduled for a release.
More in this category: « German Industrial Production flat in May US Trade Balance deficit widened in May »

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