Guardian Stockbrokers Key Economic News Thursday 13 October 2022

The key points from today’s economic news, brought to you by Guardian Stockbrokers.

UK GDP unexpectedly dropped in August

In the UK, gross domestic product (GDP) unexpectedly fell 0.30% on a MoM basis in August, compared to a rise of 0.10% in the prior month. Markets were expecting GDP to record a flat reading.

UK industrial production declined more than expected in August

In the UK, industrial production fell 1.80% on a MoM basis in August, compared to a drop of 1.10% in the previous month. Markets expectations were for industrial production to record a fall of 0.20%.

UK manufacturing production unexpectedly fell in August

In the UK, manufacturing production unexpectedly fell 1.60% on a MoM basis in August, compared to a drop of 1.10% in the prior month. Markets were anticipating manufacturing production to record a flat reading.

FOMC meeting minutes: Fed officials expect higher rates to stay in place

Minutes of the US Federal Reserve (Fed) September monetary policy meeting signalled that policymakers expect higher interest rates to remain in place until prices come down. The officials reiterated their strong commitment to bring back inflation to the Fed’s 2% goal even if labour market weakens.

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