Investing.com - Manufacturing production in the U.K. fell in May, underlining concern about the country’s economic outlook, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said that manufacturing production decreased by a seasonally adjusted 0.5% in May, better than expectations for a decline of 1.0% and following a gain of 2.4% a month earlier that was revised from an initial 2.3% advance.
On an annualized basis, manufacturing production rose at rate of 1.7%, better than forecasts for a 0.7% increase and after advancing at a rate of 1.5% in April that was revised from an initial gain of 0.8%.
The report also showed that industrial production decreased by a seasonally adjusted 0.5%, better than forecasts for a 1.0% decline and following a gain of 2.1% in the preceding month that was revised from the previous estimate of 2.0% growth.
Year-on-year, industrial production increased 1.4% in May, better than expectations of a 0.5% rise and after the 2.2% advance registered in April, changed from the initial reading of a 1.6% increase.
Immediately after the report, the pound showed strength, moving off record lows against the dollar. GBP/USD was at 1.2991 from around 1.2982 ahead of the announcement, while EUR/GBP was at 0.8533 from 0.8532 earlier.
European stocks were trading higher. London’s FTSE 100 gained 1.77%, the Euro Stoxx 50 rose 1.70%, France's CAC 40 traded up 2.00%, while Germany's DAX advanced 1.42%.