Investing.com – Manufacturing and industrial production in the U.K. corrected in January following a surge at the end of 2016, official data showed on Friday.
In a report, the U.K. Office for National Statistics said that manufacturing production decreased by a seasonally adjusted 0.9% in January, worse than expectations for a drop of 0.6% and following a rise of 2.2% in the previous month, which was revised from an initial gain of 2.1%.
On an annualized basis, manufacturing production increased at rate of 2.7% in January, below forecasts for a 3.0% advance and after rising at a rate of 4.2% in December, which was revised from an initial 4.0% gain.
The report also showed that industrial production declined by a seasonally adjusted 0.4% in January, in line with forecasts and compared to the 0.9% advance in the preceding month. December’s reading was revised lower from an initial 1.1% rise.
Year-on-year, industrial production gained 3.2% in January, below expectations for a 3.3% rise and following the 4.3% advance registered a month earlier.
Immediately after the report, which was released simultaneously with the U.K. trade balance and construction output for the same month, the pound edged higher. GBP/USD was at 1.2174 from around 1.2166 ahead of the announcement, EUR/GBP was at 0.8716 from 0.8722 earlier, while GBP/JPY traded at 140.46 from 140.31 prior to the release.
Meanwhile, European stocks were trading broadly higher. London’s FTSE 100 gained 0.41%, the Euro Stoxx 50 rose 0.71%, France's CAC 40 traded up 0.56%, while Germany's DAX advanced 0.52%.