Economy

United Kingdom manufacturing output rise surprises

United Kingdom manufacturing output rise surprises”

The ONS's data showed that the UK's trade deficit in goods and service in the May-to-July period widened by £0.4bn from the previous three-month period to £8.6bn.

However, separate figures from the ONS showed a bleaker picture for the construction industry has it continues to struggle with output falling.

United Kingdom manufacturing output is proving stronger than expected, official figures confirmed on Friday, as export and import prices for goods fell as the pound strengthened slightly.

Growth in the broader measure of industrial output slowed to 0.2% from 0.5%, due to an easing back in oil and gas extraction after a spike in June. She concedes that the rise of 0.5% in manufacturing output in July, the biggest increase since December, was robust.

The Office for National Statistics said that manufacturing rose 0.5 per cent in July, its first monthly growth this year, buoyed by increasing auto production with new models.

Vehicle production increased partly thanks to new models rolling off the production lines.

Britain's total trade deficit for goods and services also remained unchanged at £2.9bn, with a boost in goods exported to the European Union offset by a fall in exports to the rest of the world.

Alongside data from the construction sector, the ONS also released data for the manufacturing sector, as well as industrial production data.

"Further manufacturing growth is expected in August, given the solid survey data, but the manufacturing upturn needs to be looked at in the wider context of sluggish exports, declining construction activity and consumers being squeezed by low wages and rising prices", said Chris Williamson, Chief Business Economist, IHS Markit. Import volumes rose by 0.1%. The pace of expansion was forecast to accelerate to 1.7 percent in July.

Slowdowns in services and construction are a concern and highlight subdued domestic demand and investment trends.

Manufacturing beat expectations solidly, growing 0.5% in the month, compared to forecasts of 0.3%, and 1.9% on a year-to-year basis, up from the 1.7% predicted.



Like this

Latest


09 September 2017
Beyoncé makes hometown visit to support Hurricane Harvey victims
Beyonce made it clear - they were there to celebrate survival and turn the page on the catastrophic floods of Hurricane Harvey. Houston resident Craig Zeno told ET: " Tina and Michelle are serving food! They're telling people to continue to be strong".

09 September 2017
George Clooney Took in A Yazidi Refugee
When Amal was asked if she wanted to have more kids, her response was a negative shake of the head. We wonder if either of the twins will take the acting or human rights law road when they grow up?

09 September 2017
Zumiez Inc. (NASDAQ:ZUMZ) Among Today's Biggest Gainers - Up by 19.70%
Based on data provided from analysts polled by Thomson Reuters, Verastem, Inc. has a current consensus target price of 4.63. Nj State Employees Deferred Compensation Plan holds 0.15% of its portfolio in eBay Inc (NASDAQ:EBAY) for 25,000 shares.

09 September 2017
RED's Hydrogen Holographic Smartphone Uses Leia Light Field Display Tech
According to the report , the technology RED is working on comes from a partnership with a display solutions startup named Leia. The user will then be able to interact with gestures within the "dynamic lightfield" instead of touching the display.

09 September 2017
Battery-Powered Beauty: Jaguar Unveils Electric Version of Iconic E-Type
The vehicle is based on the legendary 1968 Series 1.5 E-Type Roadster, which was originally fitted with an XK 6-cylinder engine. Jaguar Land Rover looks set to move away from exclusively petrol or diesel engine vehicles.

09 September 2017
Snapchat's newest media partners: college newspapers
Snap will monetize its college editions by sharing ad revenue with the school or the student publication, a spokesperson said. A plethora of publishers have joined Snapchat's safe news digest, Discover, since it launched back in January.

09 September 2017
Mourinho: Only two United players not under our 'control'
At Old Trafford , Lukaku is playing under Jose Mourinho, who sold him in 2014 during his second spell in charge of Chelsea . Lukaku signed for United for an initial fee of £75 million back in July on a five year deal from Everton .

09 September 2017
Utility: 9 million people expected to lose power due to Irma
We are going to see a lot of debris that will unfortunately impact the system and we are going to have to do a lot of cleanup". Nearly 25 years ago, Hurricane Andrew hit Florida and damaged Turkey Point, causing about $90 million dollars in repairs.

09 September 2017
Destiny 2 Guide: How To Get The Sturm Exotic Hand Cannon
Our recommendation is to grind out Heroic Public Strikes, as these can drop Legendary and Exotic engrams from the reward chest. As for defeating powerful Fallen, we just roamed the countryside searching for any Fallen with a yellow or orange health bar.

09 September 2017
Teen Who Says Anthony Weiner Sexted Her Gives First TV Interview
The North Carolina high school student said things moved quickly from sedate to seductive with the erstwhile Carlos Danger. Though her name is being withheld due to her age, she has revealed her thoughts on the chilling issue.



Recommended