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Tuesday, July 7, 2009

British Industrial Production Surprises to Downside

The Telegraph details:

Production at factories across the country recorded a surprise drop in May for the first time in three months. City economists had pencilled in a 0.2pc gain. Separate figures showed that overall industrial production fell in May by 0.6pc in the month.

The euphoria over the green shoots that brightened the economic data in April is being replaced by a recognition that a recovery for the UK economy will be long and hard. The British Chambers of Commerce warned today that the path out of recession will be fragile and cautioned against complacency.

"This is disappointing," Brian Hilliard, an economist at Societe Generale, said of the figures. "Both the key business surveys had been pointing to an increase in May and an upward trend for June."

Source: Statistics.GOV.UK