UK: Industrial production likely down by 0.3% m/m – Lloyds Bank

Analysts at Lloyds Bank expect UK manufacturing to post a 0.4% m/m drop, with production overall down by 0.3% m/m. 

Key Quotes

“After a surge of 2.0% m/m in December, industrial output rose by another 1.1% m/m in January. While November’s manufacturing gain had been disproportionately skewed towards an erratic surge in pharmaceutical product output, December’s data showed a more balanced performance. Business surveys such as the PMIs point to improved sentiment in the sector, alongside a competitiveness boost from sterling’s slide. Nevertheless, after two months of solid rises we think it is probable that activity growth will take a breather.”