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Financial News: UK Industrial Output Drops Unexpectedly In May

UK Industrial Output Drops Unexpectedly In May

07/07/2017 - 04:50:00 (RTTNews)

(RTTNews) - UK industrial production dropped unexpectedly in May, data from the Office for National Statistics revealed Friday.

Industrial output fell 0.1 percent month-on-month in May, confounding expectations for an increase of 0.4 percent and reversed a 0.2 percent rise registered in April.

At the same time, manufacturing output dropped 0.2 percent, offsetting a 0.2 percent rise in April. Output was forecast to gain 0.5 percent.

On a yearly basis, industrial production dropped 0.2 percent in May, but slower than the 0.8 percent decrease seen in April. Economists had forecast a 0.2 percent increase for May.

Meanwhile, manufacturing output grew 0.4 percent after staying flat a month ago. Nonetheless, the pace of growth was weaker than the expected 1 percent.

Another report from ONS showed that construction output declined 1.2 percent on a monthly basis in May, in contrast to a 0.7 percent growth economists had forecast. On a yearly basis, construction output slid 0.3 percent.

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