"… it's hard to say what the underlying path of manufacturing is, but I think the broad implication is that it continues to struggle"
- Philip Shaw, an economist at Investec Securities
U.K. manufacturing rose more than expected in May, said the Office for National Statistics on Tuesday. Output increased 1.2 per cent from April while declined 1.7 per cent compared to the same period the previous year.
Today's U.K. data is "a very good number, but it's entirely because of the extra day during the month," said Philip Shaw, an economist at Investec Securities in London.
"Underneath it all, it's hard to say what the underlying path of manufacturing is, but I think the broad implication is that it continues to struggle."
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