Latest data released by ONS — 9 March 2018
- Prior m/m +0.3%
- Manufacturing production y/y +2.7% vs +2.8% expected
- Prior y/y +1.4%
- Industrial production m/m +1.3% vs +1.5% expected
- Industrial production y/y +1.6% vs +1.9% expected
- Construction output m/m -3.4% vs -0.5% expected
- Construction output y/y -3.9% vs -1.0% expected
The manufacturing production headline on the month-on-month level is the ninth consecutive increase, the first time that has happened since the record has existed since 1968. But it is the weakest output growth in the 3 months to January since July 2017.
The jump in industrial production comes after the Forties pipeline was fixed — and that was a cause as to why December’s figures were rather poor. The full report by ONS can be found here.
Pretty much a mixed bag as manufacturing figures are within expectations — more or less, industrial figures were solid — slightly below expected but much improved, but construction output suffered.
Sterling largely unphased by the data point though. GBP/USD at 1.3812 now, EUR/GBP at 0.8916, and GBP/JPY at 147.43.