The UK's industrial output surprisingly dropped in August, new figures released by the Office for National Statistics have revealed today (October 9th).
Although analysts had predicted a 0.4 per cent rise, industrial output decreased by 1.1 per cent month-on-month in data described by the manufacturers' organisation EEF as a "mixed bag".
Lee Hopley, chief economist at the body, pointed out that the figures have broken the run of consistently upbeat indicators in recent months.
She added: "Whilst August unwound some of the gains in June and July, the declines were particularly concentrated in a few sectors, namely food, pharmaceuticals and electronics."
There were some positive signs in the data, however, as it was noted that exports edged higher, thanks mainly to gains in markets outside Europe.
Ms Hopley recently stated PMI data for October shows it is a solid month for manufacturing with output, orders and employment all up.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.