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UK Industrial Production fell by 1.3%

Wednesday, Dec 07 2016
UK Industrial Production fell by 1.3%

In October 2016, total production is estimated to have decreased by 1.3% compared with September 2016. Mining and quarrying provided the largest downward pressure, due to ongoing maintenance reducing production in the oil and gas extraction industry. You should note that we always warn against overly interpreting 1 month’s figures. Manufacturing decreased by 0.9% on the month to October 2016, following an increase of 0.6% in the previous month. The decreases were broad-based across the sector, with the largest downward pressure coming from pharmaceuticals, which fell by 3.6%.

 

The month on same month a year ago picture shows a decrease in total production of 1.1% in October 2016 with decreases in 3 of the 4 main sectors. The largest downward contribution came from mining and quarrying, falling by 8.7%, mainly due to maintenance in the oil and gas industry in October 2016. Manufacturing month on same month a year ago decreased by 0.4% in October 2016. The largest downward contribution came from pharmaceuticals, which fell by 9.4%. There were some increases partially offsetting the decreases, with the largest upward contribution coming from other manufacturing, increasing by 10.4%.

 

Sterling is currently being traded around 1.26 level. Pair is likely to find support around 1.25 handle and resistance above 1.27 area.

Last modified on Wednesday, 07 December 2016
More in this category: « UK house prices 0.8% higher in three months to Novemeber Australian Trade Balance deficit rose to $1.54 billion in October »

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