UK industrial production was surprisingly strong in September
Friday, 10 November 2017 () The UK's industrial production was surprisingly strong in September, pushed up by another bounce in the UK's manufacturing industry.
Industrial production rose 0.7 per cent in September, ahead of expectations of a 0.3 per cent rise.
That was driven by a 0.7 per cent rise in manufacturing production, the Office for National Statistics (ONS) said, which was up on of expectations of a 0.3 per cent rise, although slightly lower than the previous month's 0.4 per cent.
The mining and quarrying sector rose 2.1 per cent in the three months to September compared with the previous quarter, while total manufacturing and electricity and gas both rose 1.1 per cent. The water sector edged up 0.7 per cent.
September was the sixth consecutive rise in industrial production, which Samuel Tombs, chief UK economist at Pantheon Macroeconomics, pointed out was "a feat last achieved 23 years ago".
"Looking ahead, however, the recovery in manufacturing output likely will weaken in response to the recent surge in the oil price," he said.
"In addition, output in the energy supply sector likely plunged by about four per cent month-to-month in October, due to unseasonably warm weather. Accordingly, it’s unlikely that industry can be counted on to support GDP growth again in the fourth quarter."
Earlier this month a closely-watched survey suggested manufacturing increased more than expected in October. IHS Markit's purchasing managers' index jumped to 56.3, up from 55.9 in September. Any figure above 50 shows a rise in output.
Slovakia's industrial production increased in September after falling in the previous month, the Statistical Office of the Slovak Republic showed Friday. RTTNews - BusinessAlso reported by •FinanzNachrichten.de •Zero Hedge •Sify