UK Production Rises More Than Forecast on Factory Rebound
UK industrial production has risen more than what economists forecast in September, helped by a rebound in manufacturing after a slump the previous month.
The Office for National Statistics say that output increased 0.9 percent from August, when it fell 1.1 percent. According to 28 economists surveyed by Bloomberg News, the median forecast was for an increase of 0.6 percent. Factory production also exceeding estimates by surging 1.2 percent after dropping 1.2 percent in August.
The European Commission raised its forecasts for the UK economy and expressed that the outlook has “improved substantially” as reports show that the economy grew 0.8 percent in the three months through September.
Before the data was published, economist Howard Archer of IHS Global Insight in London said that “manufacturers will be hoping that the recent extended good news on the UK economy further lifts business and consumer confidence which in turn translates into sustained higher demand”