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U.K. manufacturing slows

  • Data from the Office for National Statistics has shown that U.K. manufacturing output fell 1.3% during May, the first drop since November last year and the biggest decline since January 2013. On the year, manufacturing output rose 3.7%, and has grown for nine consecutive months.
  • Industrial production fell 0.7% in May from April, the largest drop since August of last year. Industrial production grew 2.3% on the year, and has now grown for nine months.
  • The monthly falls in the industrial sector aren't a sign of weakness in the economy, says the Office for National Statistics, but rather it suggests a slowdown in the pace of growth among manufacturers in the second-quarter.
  • The British Chambers of Commerce's second-quarter economic survey also indicates a slower pace of growth in the manufacturing sector. Despite the slowdown, the BCC did not make changes to its GDP forecast of 0.8% for Q2 and 3.1% for the year, and warned the Bank of England not to raise interest rates to protect growth recovery.
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