Higher Energy Supply Offsets Motor Vehicle..>

UK DATA: Higher Energy Supply Offsets Motor Vehicle Slump in November 

UK November Industrial Production +0.4% m/m; +2.5% y/y   

UK November Manufacturing output +0.4% m/m; +3.5% y/y 

UK November Construction output +0.4% m/m; +0.4% y/y 

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IOP and mnaufacturing output both increased in November with the 

latter up for the 7th straight month. Cooler November temperatures led 

to a 3.2% m/m rise in energy supply, accounting for 0.36pp of the 0.4% 

m/m IOP rise (the largest upward cont.). This was offset by a 3.4%m/m 

fall in transport equipment and within this a 7.1% fall in motor vehicle 

production. Transport equipment subtracted 0.38pp from total m/m IOP 

growth. Construction output returned to expansion in Nov after heavy 

falls in Oct, Sep. IOP would need to fall by 3.1% m/m in Dec for a flat 

Q4 outturn, while construction output would need to rise by 5.1%.