Economic Buzz: UK industrial production slides 0.5% on month in May
Mumbai, July 16 -- The UK industrial production slipped in May due to a sharp drop in mining and quarrying. Production output dipped 0.5% from the previous month, following a 0.2% increase in April and flat growth in March, according to the Office for National Statistics, or ONS. Mining and quarrying output contracted 4.6% in May, while water supply and sewerage production fell 2.4% and electricity and gas output edged down 0.1%. Manufacturing output rose 0.1%, partially offsetting declines in the other main sectors. Within mining and quarrying, crude petroleum and natural gas extraction dropped 4.8%, pulling industry's output at its lowest level since monthly records began in 1990. Data showed that seven of the 13 manufacturing subsectors ...
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