UK construction output drops, industrial production jumps
Seasonally adjusted construction output declined 0.2% on the previous month, the Office for National Statistics revealed, extending the 0.6% fall in October when the market had expected a bounce back of 0.2%.
Compared to November last year, output from the construction industry was up 1.5%, though this was short of the 2% gain forecast on the back of a 0.7% rise the preceding month.
UK industrial production in November was much better than expected, data from the Office for National Statistics confirmed on Wednesday, with a strong rebound in North Sea oil and gas output and a cold snap driving heating demand.
ONS revealed that UK industrial production rose 2.1% in November compared to October and 2.0% versus the same month last year, which was more than double the respective consensus forecast and reversed the falls from the preceding month.
The surge was driven by a jump in mining output, as the North Sea's giant Buzzard field resumed production after temporary closure in October, while energy supply output jumped on the back of a cold weather snap boosting heating demand.
Manufacturing production was up 1.3% month-on-month, beating the consensus estimate of 0.50% and a turnaround from the revised 1% decline from the previous month.
Year-on-year manufacturing production rose 1.2% after falling 0.5% in October, better than the expected rebound of 0.4%.
Seasonally adjusted construction output declined 0.2% on the previous month, extending the 0.6% fall in October when the market had expected a bounce back of 0.2%. ■