U.K. May manufacturing output rises 1.2%
FRANKFURT (MarketWatch) -- British manufacturing output posted a 1.2% monthly rise in May, while the broader measure of industrial production grew by 1%, the U.K. Office for National Statistics reported Tuesday. Compared to May 2011, manufacturing declined 1.7% and industrial production fell 1.6%. Economists surveyed by Dow Jones Newswires had forecast manufacturing output to fall 0.2% on a monthly basis and 2.2% year-on-year, while industrial production was projected to see a 0.2% monthly fall and a 2% year-on-year decline. The ONS noted that the movement of the traditional end-of-May bank holiday to June this year resulted in an additional working day in May, which may have contributed to month-on-month growth.