UK factory output slides in May

UK manufacturing production contracted 0.5% month-over-month in May, after jumping 2.3% in April. Nevertheless, analysts anticipated a deeper contraction of 1.2%. On an annual basis, the indicator came in at 1.7% in the reported month, surpassing the 0.6% market forecast. Meanwhile, the country's overall industrial production dropped 0.5% on a monthly basis in May, following April's 2.1% and the 1.0% decline expected by analysts.