U.K. Industrial Outputs Expand for Second Month in July, Led by Manufacturing
Industrial outputs in the United Kingdom rose 0.5% in July, topping expectations for a 0.2%, while the annual rate of production slipped 9.3% from the previous year amid forecasts for a 10.1% drop. At the same time, manufacturing increased 0.9% after rising 0.6% in June, with annualized rate slipping 10.1% from last year. The breakdown of the report showed manufacturing led the advance, with mining & quarrying falling 1.0%, while production of oil & gas slumped 1.5% from the previous month following the downturn in global demands. The data foreshadows an improved outlook for future growth as firms increase their level out puts for the second consecutive month, and the rebound in global trade may lead businesses to ramp up production in the coming months as policy makers anticipate economic activity to expand towards the end of the year.