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UK: Manufacturing Succumbs?
Surprising to the upside, June manufacturing output still slumped 2.9% M/M, more than unwinding the little-revised bounce of 1.2% seen in the previous month, the latter being only the second rise so far this year. Y/Y growth was much more negative at -4.3%. The June slump was largely broad-based however. Indeed, despite cool and wet weather during the month, energy/utility production was clearly down afresh. As a result, overall industrial production dropped 2.5%% in M/M terms.