With the slowing pace of the recovery in the United Kingdom and the worsening outlook for the nation, a slight relief was seen from the manufacturing sector today which is seemingly supported by good exports demand.
In May manufacturing production rallied 1.8% reversing April's drop of 1.6% revised from -1.5%, and on the year production rose 2.8% from 1.2% revised from 1.3%. Both readings were better than expectations for 1.0% and 2.1% respectively.
However, industrial production's strength was not as strong and missed expectations. Production rose 0.9% on the month reversing April contraction of 1.7% and was below 1.1% expected; on the year production fell 0.8% easing the fall from April when it fell 1.2% and was still deeper than the expected drop of 0.5%.