Investing.com – Manufacturing production in the U.K. was unexpectedly flat in February, official data showed on Wednesday.
In a report, the U.K. Office for National Statistics said that manufacturing production posted a flat reading in February, after rising by 0.9% in January, whose figure was revised down from a 1% gain.
Economists had expected manufacturing production to rise by 0.5% in February.
The report showed that year-on-year, manufacturing production rose at an annualized rate of 4.9% in February, after rising by 6.8% in January. Analysts had expected year-on-year manufacturing production to rise by 5.8% in February.
Meanwhile, the report also showed that industrial production tumbled unexpectedly in February, dropping by 1.2% after rising by 0.3% in January, whose figure was downwardly revised from 0.5%.
Analysts expected industrial production to rise by 0.4% in February.
Following the release of the data, the pound erased gains against the U.S. dollar, with GBP/USD shedding 0.02% to hit 1.6292.
Meanwhile, European stock markets were mixed. The FTSE 100 gained 0.15%, the EURO STOXX 50 slumped 0.41%, France’s CAC 40 dropped 0.56%, while Germany's DAX fell 0.1%.
In a report, the U.K. Office for National Statistics said that manufacturing production posted a flat reading in February, after rising by 0.9% in January, whose figure was revised down from a 1% gain.
Economists had expected manufacturing production to rise by 0.5% in February.
The report showed that year-on-year, manufacturing production rose at an annualized rate of 4.9% in February, after rising by 6.8% in January. Analysts had expected year-on-year manufacturing production to rise by 5.8% in February.
Meanwhile, the report also showed that industrial production tumbled unexpectedly in February, dropping by 1.2% after rising by 0.3% in January, whose figure was downwardly revised from 0.5%.
Analysts expected industrial production to rise by 0.4% in February.
Following the release of the data, the pound erased gains against the U.S. dollar, with GBP/USD shedding 0.02% to hit 1.6292.
Meanwhile, European stock markets were mixed. The FTSE 100 gained 0.15%, the EURO STOXX 50 slumped 0.41%, France’s CAC 40 dropped 0.56%, while Germany's DAX fell 0.1%.