October 2017 UK industrial production, construction output and trade balance 8 December 2017

Manufacturing output

  • 0.1% vs 0.1% exp m/m. Prior 0.7%
  • 3.9% vs 3.9% exp y/y. Prior 2.7%

Construction output

  • -1.7% vs 0.4% exp m/m. Prior -1.6%
  • -0.2% vs 1.9% exp y/y. Prior 1.1%

Trade balance

  • Visible trade bal -10.78bn vs -11.50bn. Prior -11.25bn. Revised to -10.45bn
  • Trade bal non-EU -2.38bn vs -3.30bn exp. Prior -2.98bn. Revised to -2.99bn

Forget construction as it’s a very volatile number. Industrial production is pretty much on the money but it has hit six months of gains and that’s the best run for some 20 years. It’s the trade balance that shows some promise with a reduction in the trade deficit, even though officially the balance widened from Sep, only because of the lower revision. Overall, there’s not a lot for the pound to get its teeth into.

Ryan Littlestone

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