United Kingdom: Industrial production falls in October
December 7, 2011
In October, industrial production declined 0.7% over the previous month in seasonally adjusted terms, which contrasted the flat reading observed in September and exceeded market expectations of a more moderate 0.3% decrease. Compared to the same month last year, industrial output dropped 1.7% (September: -1.5% year-on-year) and has now been contracting uninterruptedly for eight straight months. Manufacturing production also dropped 0.7% over the previous month, while market participants' had expected manufacturing production to drop by just 0.3%. On an annual basis, industrial production grew a meagre 0.3%. As industrial production figures remain weak, the downward trend continued, with annual average growth in industrial production falling from 0.4% in September to 0.0% in October.