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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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.