UK industrial production bounces back
UK industrial production rose 0.3% in January on the previous month, up from the sizeable 1.1% decline in December but short of consensus forecasts of 0.4%.
But year-on-year, industrial production of 0.20% was better than predictions for a flat performance and flat on the December's figure.
Following three consecutive monthly falls, ONS data on UK manufacturing production showed a 0.7% month-on-month bounce, well ahead of the 0.20% forecast and a big improvement on the revised previous month's 0.30% decline.
Year-on-year, manufacturing production was down 0.10%, beating the estimate of a fall of 0.70% and much improved from the previous month's 1.70% slide.
There was another large fall in mining and quarrying activity, with a 5% decrease likely to reflect falls in North Sea production.
He said the manufacturing bounce-back potentially set the scene for a slightly better 2016 after contracting over 2015 as a whole. ■