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UK industrial production disappoints again in June - ING

FXStreet (Łódź) - James Knightley from ING points out that the UK Industrial production numbers rose less than expected in June to 1.2% on an annual basis (vs 1.5% exp) and by 0.3% month-on-month (vs 0.6% exp).

Key quotes

"Fortunately, the ONS state that this will not have any impact on the previous 2Q GDP estimate of 0.8%QoQ."

"Nonetheless, it shows that the disconnect between what official data is telling us – pretty mediocre activity - and what private surveys show – that the sector is booming – remains as wide as ever."

"The details of the report show manufacturing output rose 0.3%, electricity and gas output rose 0.9% and water/sewage output rose 1% while the mining & quarrying (inc oil & gas) saw output fall 1%."

"In general it is pretty disappointing stuff and highlights the lack of rebalancing away from services to more production led growth."

"Nonetheless, given the near universal strength seen in the manufacturing surveys the true picture remains unclear."

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