UK’s Industrial and Manufacturing output rises in November.
This article is originally referred from Orbex Market Recap.
Industrial production data from the UK showed an eight consecutive month of expansion in the month of November.
The gains came from the energy and manufacturing sector.
Data from the UK’s Office for National Statistics showed that the monthly growth in the industrial output had doubled to 0.4% in November, compared to 0.2% increase registered in October.
The data was in line with the market forecasts.
Besides the industrial output data, manufacturing output was also stronger, rising 0.4% in the month of November.
This was stronger than the 0.3% increase from October and the data was higher than the forecasts of a 0.3% increase on a month over month basis.
Energy sector was the main driving factor as the sector advanced 3.2% on the month.
Mining and quarrying activity however declined 1.4% offsetting the strong gains from the energy sector.
On a year over year basis UK’s manufacturing production was seen at 3.5%. This was higher than the forecasts of a 2.8% increase.
Industrial production was seen rising 2.5% on the year, up from 1.8% increase seen in the previous month.
The construction sector also posted gains but it was marginal compared to the manufacturing or the industrial sector.
Construction output was seen rising 0.4% on the year and beat estimates of a 1.0% decline.
In October, construction output was up 1.3%.
Total production data in the three months to november showed a 3.3% increase marking an increase for 21 consecutive months.
Construction output grew 0.4% on the month with expansion coming from increased activity in repairs and maintenance.
Original Source: Orbex Market Recap