UK Manufacturing Drops Less than Expected at 2.9% Monthly & Industrial Production Declines 2.5% - 7.8.2012
The UK Manufacturing Production fell sharply by 2.9 per cent from May to June down from a 1.2 per cent increase from April to May according to the Office of National Statistics, however it fell less than anticipated. Annually the Manufacturing Production declined by 4.3 per cent in June, a greater decline than a revised 1.8 per cent drop in May, but better than projections of a 5.6 per cent drop.
Furthermore, the Industrial Production in the UK declined by 4.3 per cent in June on annual basis, a greater decline than a revised 1.8 per cent drop in May. On Monthly basis the Industrial Production fell in June unexpectedly less, by 2.5 per cent. The June Manufacturing and Industrial monthly data plummeted to the lowest level since November ’08 however the data were better than forecasts and therefore the British pound inched lower against the US dollar from 1.5626 to 1.5606.