FLASH: UK industry mostly strong in Sep-17
- UK industrial output data continued to accelerate in September, with manufacturing strength driving an outcome beyond all forecasts in the economic consensus.- Construction output disappointed again, but there is a well-established pattern of upwards revisions. On balance, output news adds only 1.6bp to Q3 GDP growth.
- External goods trade data revealed a narrower deficit, but are still set to subtract heavily from Q3 GDP. That extends the usual spurious volatility from this source and would be offset in inventories. Neither matters.
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