Date: Friday 07 Sep 2012
Industrial production in the United Kingdom rose by 2.9 per cent month-on-month (0.8 per cent year-on-year) in July, according to the Office for National Statistics (ONS).
That is its strongest one month increase since February 1987 no less.
The consensus estimate had been for an increase of 1.5% month-on-month (-2.8% year-on-year).
Manufacturing production increased by 3.2% month-on-month (-0.5% year-on-year).
In terms of quarter-on-quarter rates of change industrial production was flat while manufacturing sector output was up by 0.2%.
In mining&quarrying production grew by 4.9% while in the water & waste management sector it did so by 1.6%. These increases were slightly offset by the electricity, gas, steam & air conditioning sector, where output declined by 0.2%.
Production in the water supply and waste management sector grew by 1.6% month-on-month, while activity in oil and gas extraction improved by 5.7%.
Users should be cautious when interpreting movements involving June 2012 due to the changes in public holidays as a result of the Queen’s Diamond Jubilee, the ONS has pointed out. That is because this year the month of June had two extra holidays.
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