British industry was already doing terribly - and it is getting even worse
AP Photo/Matt Slocum
That was compared to the forecasts of economists, who predicted a small expansion of 0.2%. On a year-to-year basis, industrial production contracted by 1.1%, against a forecast of 0.5% growth.
"In October 2016, total production is estimated to have decreased by 1.3% compared with September 2016. Mining and quarrying provided the largest downward pressure, due to ongoing maintenance reducing production in the oil and gas extraction industry," an ONS data release said.
You can see the long term trend of the ONS' index of production, below:
Office for National Statistics
During the month of October (the ONS releases data on a one-month delay) manufacturing production slipped by 0.9%, against forecast growth of 0.5%, while on a yearly basis the sector shrunk by 0.4%, compared to an estimate of 0.8% growth.
While the figures look pretty bleak for British producers, the ONS does warn that the figures are only one month's worth of data, so should not be over-interpreted, saying: "You should note that we always warn against overly interpreting 1 month's figures."
The pound slipped a little on the release. Prior to the data coming out at 9.30 a.m. GMT, sterling was around 0.4% lower, but 15 minutes after, it is off by roughly 0.6%, as the chart below illustrates:
Markets Insider
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Fresh photographs of Milky Way’s black hole Sgr A* reveal strong, twisted magnetic field similar to M87*
- 8 Lesser-known places to explore in Himachal Pradesh
- Markets end FY24 on buoyant note amid positive global cues
- SRM Contractors IPO allotment – How to check allotment, GMP, listing date and more
- Rupee falls 6 paise to settle at 83.39 against US dollar