United Kingdom: Industrial output contracts for a second month in November
January 12, 2012
In November, industrial production contracted a seasonally adjusted 0.6% over the previous month, which marked the second consecutive monthly drop after a revised 1.0% contraction in October (previously reported: -0.7% month-on-month). The print undershot market expectations that had industrial output falling 0.1%. Output in the manufacturing sector also declined for the second month in a row, posting a 0.2% contraction over the previous month. The reading, nevertheless, marked an improvement over the 0.9% decline tallied in October and was in line with market expectations. On an annual basis, industrial production contracted 3.1%, which was down from the 2.1% drop seen in October. As a result, the trend continued to point downward, with annual average growth in industrial production falling from a flat reading in October to minus 0.5% in November.