Both manufacturing and industrial production statistics were stronger than expected today. Industrial production grew slightly slower, down from 0.9 in February to 0.7 per cent in March versus the same month last year, with analysts expecting growth of just 0.2 per cent. Meanwhile the pace of manufacturing growth rose from 0.7 per cent to 1.1 per cent, rather than dipping to 0.3 per cent as anticipated.
However both manufacturing and industrial production fell by 1.4 per cent on a year ago.
#GreenShoots for UK economy... if there was a slim chance of further QE today, then that seems to have diminished— Joe Bond (@Joe_Trading) May 9, 2013