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UK industrial output drops unexpectedly in June

by ChemOrbis Editorial Team -
  • 06/08/2015 (14:50)
According to data from the Office for National Statistics (ONS), industrial production in the UK fell unexpectedly in June due to output cuts by North Sea oil producers for the first time in three months. Industrial production decreased 0.4% on the month, missing analysts’ initial estimates, which called for a gain of 0.1% in a survey by Bloomberg. Factory orders, meanwhile, increased 0.2%.

The decreased was attributed to a 5.8% drop in oil and gas output, the biggest drop posted since January 2014. In the April-June period, meanwhile, industrial output posted an increase 0f 0.7%.

According to a purchasing managers index (PMI) published by Markit Economics, the country’s manufacturing activity remains almost stagnant (down 0.3%) on the month while services output declined slightly compared with last month.
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