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Mar 13, 2013
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U.K. Industrial Output Drop Fuels Triple-Dip Concerns
U.K. industrial production unexpectedly fell in January as factory output slumped, fueling concerns that Britain may slip into a triple-dip recession.Production dropped 1.2 percent from December, when it jumped 1.1 percent, the Office for National Statistics said today in London. The median forecast in a Bloomberg News survey of 29 economists was for a 0.1 percent increase. Manufacturing declined 1.5 percent. The pound fell.As manufacturers battle a continued slump in the euro area, the U.K.’s biggest trading partner, as well as lackluster demand at home, today’s data have fueled concern the economy will fall into its third recession in five years. The National Institute of Economic and Social Research estimated that the economy shrank 0.1 percent in the three months through February.
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http://washpost.bloomberg.com
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