Britain’s Manufacturing Production Unexpectedly Falls
Manufacturing activity data in Europe and Britain is in focus today. On the domestic front, the just released report showed that the UK’s industrial production surpassed market estimates for April while manufacturing production data came in below market consensus. Also, the CBI’s recent warning that economic growth in the UK is falling has increased the significance of today’s NIESR GDP estimates. In Europe, industrial production in France dropped unexpectedly for April, fuelling concerns about weak economic growth in the second quarter.
Across the Atlantic, market focus will be on the US government’s monthly budget statement and weekly numbers for mortgage applications.