Prior +0.1%; revised to 0.0%Services +0.2% vs +0.1% m/m expectedPrior 0.0%; revised to -0.1%Industrial output -2.0% vs -0.2% m/m expectedPrior +0.4%; revised to +0.3%Manufacturing output -1.7% vs -0.3% m/m expectedPrior +0.7%; revised to +0.6%Construction output +0.2% vs +0.1% m/m expectedPrior -0.3%; revised to -0.5%
Despite modest growth in services, it is the industry sector that proved a drag for the UK economy at the end of Q3. The negative headline print alongside the downside revision to August makes for a poorer Q3 report overall here. This will keep the pressure on the BOE to have to cut rates sooner rather than later. GBP/USD is down to 1.3109 now from around 1.3121 before the data.
This article was written by Justin Low at investinglive.com.