Big Miss For UK Manufacturing As Output Crumbles In October

UK industrial output dropped 0.1% in October from September, and manufacturing production slumped 0.7% in the same period, according to figures just out.

Analysts had expected a 0.2% increase in industrial production from September, and a similar increase from manufacturing, which would have left industrial and manufacturing output up 1.8% and 3.2% respectively.

Instead, the drop leaves industrial production up just 1.1% year-on-year, and manufacturing up only 1.7%.

This is one of the earliest signs of how the economy is performing in the fourth quarter of the year, and it's not good so far.