Industrial output for the month of December continued to decline, reaching -1.10% on a monthly basis after missing estimates of -0.10% and falling below the previous month’s -0.80% contraction. Mining production was a main driver of the weakness, having slid by -4.00% while manufacturing also added to the pile on, slipping by -0.20% over the month. The UK Office of National Statistics (ONS) also reported ongoing shrinkage in industrial activity on an annualized basis, printing at -0.40% versus estimates of 1.00% and November’s revised value of 0.70%. The declines in industrial production also reflected on manufacturing production, which trickled -0.20% lower during the month of December after having falling by a revised -0.30% in November. The figures are expected to be echoed by gross domestic product projections from the ONS, with the low growth estimates likely to push a rate hike even further into the future.
Yellen: Turbulence in Global Financial Markets Worrying
Daily Analysis - 11/02/2016