Forexpros – Manufacturing production in the U.K. fell for the second consecutive month in February, dropping by the most since April 2011, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said that manufacturing production fell by 1.0% in February, defying expectations for a modest 0.1% increase.
January’s figure was revised to a 0.3% decline from a previously reported increase of 0.1%.
Year-on-year, manufacturing production fell at an annualized rate of 1.4% in February, compared to expectations for a 0.1% gain, after falling at a rate of 0.1% in January.
Industrial production rose 0.4% in February, above expectations for a 0.3% gain. Industrial production in January was revised to a 0.6% decline from a previously reported 0.4% fall.
On an annualized basis, industrial production declined at rate of 2.3% in February, disappointing expectations for a 2.1% drop. Industrial production fell at a rate of 4.0% in the previous month.
Following the release of the data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.11% to trade at 1.5873.
Meanwhile, European stock markets turned lower. London’s FTSE 100 dipped 0.2%, the EURO STOXX 50 fell 0.5%, France’s CAC 40 shed 0.25%, while Germany’s DAX eased down 0.15%.
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