April 2018 UK industrial and manufacturing production report 11 June 2018
- Prior 0.1%
- 1.8% vs 2.7% exp y/y. Prior 2.9%
- Manufacturing production -1.4% vs 0.3% exp m/m. Prior -0.1%
- 1.4% vs 3.1% exp y/y. Prior 2.9%
- Construction output 0.5% vs 2.0% exp m/m. Prior -2.3%
- -3.3% vs -1.8% exp y/y. Prior -4.9%
Misses across the board. Weaker demand both domestically and from abroad.
That’s not going to help fears that the UK is suffering a proper slowdown. GBPUSD down to 1.3385 from around 1.3420. I can understand some of the fall in IP as a lot of that is likely weather related and the hot spell we had in April limiting the need for electricity and gas production (for heating). We’re also very different to a country like the US that still uses a lot of energy to power airconditioners during hot weather. You don’t find many of those in this country, at least on a household basis. Manufacturing is more the worry.