Manufacturing Drives IOP Up Again; IOP Set..>

UK DATA: Manufacturing Drives IOP Up Again; IOP Set to Add to Q3 Growth

-UK Aug Industrial production +0.2% m/m; +1.6% y/y

-UK Aug Manufacturing output +0.4% m/m; +2.8% y/y

-UK Aug Construction output +0.6% m/m; +3.5% y/y

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Industrial production expanded for the fifth straight month in Aug, 

courtesy of another robust manufacturing showing. Growth in the 

production of pharmaceuticals and metals drove manufacturing higher in 

August, offset by a fall back in transport equipment and textiles. 

Within transport, which fell 2.6% m/m, the summer shutdown of car plants 

was cited as the prmimary reason for the fall. Mining and quarrying 

output also fell in Aug following delayed plant maintenance at the North 

Sea oil rigs. IOP is set to contribute positively to Q3 GDP growth, 

provided growth comes in higher than -2.5% m/m in Sep. Construction 

would need to grow 1.9% m/m in Sep to avoid falling into recession.