14 January 2003, 14:56  UK manufacturing surprises on the upside

UK manufacturing output in November surprised on the upside for the first time since July 2002, rising 0.4pc from the previous month, according to figures released today by National Statistics (NS). On a year-on-year basis, manufacturing output was down 1.0pc. NS said a 2.2pc bounce back in the output of the machinery and equipment industries from October's low was largely behind the unexpected rise in manufacturing output.
Analysts had tipped November manufacturing output to have fallen 0.5pc on the month for a 1.5pc year-on-year fall. Manufacturing output was up 0.8pc in the three months to November when compared with the previous three months and was down 2.0pc from a year ago. Significant rises in the latest three months were reported in basic metals and metals products as well as in transport equipment among others, with offsetting falls recorded in the textiles, leather and clothing; coke and nuclear fuels; and the rubber and plastic products sectors. //www.fxcentre.com

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