Latest data released by ONS - 11 June 2018

  • Prior -0.1%
  • Manufacturing production +1.4% vs +3.1% y/y expected
  • Prior +2.9%
  • Industrial production -0.8% vs +0.1% m/m expected
  • Prior +0.1%
  • Industrial production +1.8% vs +2.7% y/y expected
  • Prior +2.9%
  • Construction output +0.5% vs +2.0% m/m expected
  • Prior -2.3%
  • Construction output -3.3% vs -1.8% y/y expected
  • Prior 4.9%

Weaker numbers across the board for the UK. Sterling falls on the release. GBP/USD now down to the 1.3400 handle. The monthly figures for manufacturing and industrial production are abysmal, while the yearly estimates for all three sectors are quite a miss and that is dragging down the pound.

The fall in construction output is the weakest since August 2012 and the manufacturing production when measured on a 3m/3m basis shows the first fall since May 2017.