Following recent firm survey indicators of UK activity, the first 'hard' data for Q1 in the form of January industrial production will be available by this morning, ahead of tomorrow's trade data and Friday's constructio…
Following recent firm survey indicators of UK activity, the first 'hard' data for Q1 in the form of January industrial production will be available by this morning, ahead of tomorrow's trade data and Friday's construction output numbers.
For the manufacturing sector, although there has been a firming in sentiment in both the CBI and PMI surveys, the recent softening in export orders and continued decline in work backlogs point to a minor dip in January of 0.1%.
Llyods Bank notes in a report on Wednesday:
Overall industrial output, however, is likely to be firmer, with a pullback from the recent weakness in the mining and quarrying sector and unseasonably cooler weather in January likely boosting output.
Taken together, we look for a 0.2% monthly rise in headline industrial production. Staying in the UK, Bank of England MPC member Martin Weale will speak in London.
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