The U.K. economy may not be out of the woods just yet as output figures come in below forecasts. Industrial production was flat on month in May vs -0.1% previous and consensus of +0.2%; on year, output -2.3% vs -1.4% and -1.5%. Manufacturing production -0.8% on month vs -0.2% and +0.3%; on year, output -2.9% vs -0.9% and -1.6% (PR). The total trade deficit widens to £2.435B in May from £2.073B in April, and the goods trade deficit edges up to £8.491B from £8.43B (PR). The pound (FXB) takes a dive vs the dollar and is -0.4%, although the FTSE is relatively unaffected and is +1%.