UK: Manufacturing Production Fell Much Larger than Expected - TDS
Research Team at TDS, notes that UK’s production in the manufacturing
sector fell by a much larger than expected 1.1% in February.
Key Quotes
“The
weakness was broad-based, with declines in 11 of the 13 sub-sectors,
with the transportation equipment category seeing the biggest decline
(-2.9% m/m). The only categories to increase were the pharmaceutical and
electrical equipment categories.
The broader industrial
production measure fell 0.3% m/m (consensus: 0.1%). While the release
did not mention it specifically, the February and March manufacturing
PMI surveys did note uncertainties about the upcoming EU Referendum, and
this likely weighed on output in the month. This comes against the fact
that sterling has depreciated by more than 10% since November, which
should really be helping boost activity in the sector.”
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