Forties Rebound Boosts UK IOP, Mfg Up Sinks.>

UK DATA: Forties Rebound Boosts UK IOP, Mfg Up Again, Construction Sinks         

-UK January IOP Output 1.3% m/m; 1.6% y/y

-UK January Manufacturing Output +0.1% m/m; +2.7% y/y

-UK January Construction Output -3.4% m/m; -3.9% y/y  

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A 32.3% m/m rebound in January oil and gas output, courtesy of the 

reopening of the Forties oilfield, helped bring IOP production back into 

the black, assisted by the ninth straight monthly expansion in 

manufacturing. Manufacturing output rose by 0.1% in January, the 

smallest increase since April of 2017, accounting for just 0.06pp of the 

total monthly rise. Construction output plummeted in January, down 3.4% 

m/m - the m/m largest fall since June 2012. There was no anecdotal 

evidence of weather playing a part, and the fall was put down to weaker 

commercial activity and housing starts.