March 2018 UK industrial, manufacturing and construction output 10 May 2018

  • Prior 0.1%
  • 2.9% vs 3.1% exp y/y. Prior 2.2%
  • Manufacturing -0.1% vs -0.2% exp m/m. Prior -0.2%
  • 2.9% vs 2.9% exp y/y. Prior 2.5%
  • Construction -2.3% vs -2.2% exp m/m. Prior -1.6%
  • -4.9% vs -5.7% exp y/y. Prior -3.0%

Not much to take from these numbers. Marginal miss on IP and the same for a beat on MP. The pound might have been fearing worse numbers, given the price action into the number but there’s nothing hear to ruffle any feathers and GBPUSD is pushing back up to 1.3540 from 1.3520.

What these numbers do show though, is that the Q1 GDP revision won’t be getting any help here. The ONS note again that the weather wasn’t a big factor;

“Today’s figures support previous estimates showing the economy was very sluggish in in the first quarter of 2018, with little impact overall from the bad weather”



Ryan Littlestone

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