Pound Boosted As UK Industry Recovers After Slow Summer

The Office For National Statistics has said today that UK manufacturing picked up by 0.5% in August, after seeing it slump in July.

The ONS went on to say that car plants came back online after summer shutdowns and that industrial output also rebounded.

On the heels of this news, the pound rose to it’s highest level in two weeks against the dollar, briefly moving above $1.53. While that’s all well and good, when you compare these results with August last year the UK’s manufacturing output is down 0.8%

With results taken over a three month period, which tends to smooth out the volatility of monthly figures, manufacturing fell 0.9% compared with the three months previous.

As previously mentioned, July had a sharp monthly fall of 0.7% in output due to plant shutdowns. This is the main reason that the August 0.5% rebound took economists by surprise, they expected a 0.3% rise at most.

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Pound Boosted As UK Industry Recovers After Slow Summer
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The pound has seen a boost after the UK industry recovered following a slow summer.