U.K. Manufacturing Disappoints, Industrial Production Slips to Three Year Low

Industrial production in the U.K. fell another 2.3%, which was well beyond the 2.0% decline projected by economists, and marks the biggest decline in three years. Meanwhile, manufacturing activity fell for the sixth consecutive month to -1.9% in August, signaling that Europe’s second largest economy may have slip into a recession as the downturn in the economy accelerates. The housing and credit crisis paired with instability in the financial market has clearly becoming a growing concern for the U.K., and may push the BoE to lower their benchmark interest rate this week as growth prospects deteriorates.

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