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Surprising rise in UK industrial production
Source: Bloomberg News |
July 11, 2012, Wednesday
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UK manufacturing unexpectedly surged the most in a year in May, boosted by an additional working day after the government moved a public holiday to June.
Factory output rose 1.2 percent from April, when it fell 0.8 percent, the Office for National Statistics said yesterday in London. The median forecast of 26 economists in a Bloomberg News survey was for a dip of 0.1 percent. Italian industrial output also rose in May, up 0.8 percent from April, when it fell 1.9 percent. French industrial output fell.
Central banks have started a new round of global stimulus in an attempt to limit the fallout from Europe's sovereign debt crisis, which has already seen five of the 17 euro members seek a bailout. The European Central Bank cut interest rates to a record low last week and the Bank of England expanded its bond-purchase target by 50 billion pounds (US$78 billion) to 375 billion pounds as the outlook for the economy worsened. China also lowered borrowing costs.
"(The) UK data is a very good number, but it's because of the extra day during the month," said Philip Shaw, an economist at Investec Securities in London.
Factory output rose 1.2 percent from April, when it fell 0.8 percent, the Office for National Statistics said yesterday in London. The median forecast of 26 economists in a Bloomberg News survey was for a dip of 0.1 percent. Italian industrial output also rose in May, up 0.8 percent from April, when it fell 1.9 percent. French industrial output fell.
Central banks have started a new round of global stimulus in an attempt to limit the fallout from Europe's sovereign debt crisis, which has already seen five of the 17 euro members seek a bailout. The European Central Bank cut interest rates to a record low last week and the Bank of England expanded its bond-purchase target by 50 billion pounds (US$78 billion) to 375 billion pounds as the outlook for the economy worsened. China also lowered borrowing costs.
"(The) UK data is a very good number, but it's because of the extra day during the month," said Philip Shaw, an economist at Investec Securities in London.
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