United Kingdom: Industrial production rebounds in November
January 11, 2013
In November, industrial output increased 0.3% over the previous month in seasonally adjusted terms. The figure contrasted the revised 0.9% drop seen in October (previously reported: -0.8% month-on-month) but fell short of market expectations of a 0.8% rise.
Manufacturing output, which represents around two-thirds of total industrial production, recorded a 0.3% decline. Although the reading represents an improvement compared to the 1.3% mom seasonally-adjusted drop seen in October, it still contrasted market expectations, which had factory output rising 0.5%. In contrast, output in the mining and quarrying sector surged in November. The figure follows two consecutive months of declines amid maintenance operations on the North Sea oil rigs.
In annual terms, industrial output stepped up from a 3.0% decline in October to a 2.4% drop in November. As a result, the trend is finally pointing upwards, with annual average growth in industrial output edging up from minus 2.6% in October to minus 2.5%.