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U.K. manufacturing production tumbles 1.5% in January

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Investing.com - Manufacturing production in the U.K. fell sharply in January, while industrial production figures also tumbled, official data showed on Tuesday.

In a report, the U.K. Office for National Statistics said that manufacturing production plunged by 1.5% in January, missing expectations for a 0.1% increase.

Manufacturing production in December rose by a downwardly revised 1.5%.

Year-over-year, manufacturing production declined at rate of 3% in January, compared to expectations for a 1% decline. Industrial production dropped at a rate of 1.6% in the preceding month.

The report also showed that industrial production fell by 1.2% in January, compared to expectations for a 0.1% increase, after rising by 1.1% in December.

On an annualized basis, industrial production fell at rate of 2.9% in January, compared to expectations for a 1.1% decline. Industrial production dropped at a rate of 2.1% in the preceding month.

Following the release of the data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.37% to trade at 1.4860.

Meanwhile, European stock markets were little changed. London's FTSE 100 was flat, the EURO STOXX 50 added 0.1%, France's CAC 40 eased down 0.1%, while Germany's DAX tacked on 0.1%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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