UK manufacturing output should rise again

Output fell by a total of 1% between March and May before recovering by a modest 0.2% in June. 

There was a significant weakening of the manufacturing PMI in the period immediately preceding that but it then stabilised at a level consistent with modestly positive output growth.

"That helps to explain why a bounce in output occurred in June and why we expect a further increase of 0.2% mom in July", says Societe Generale.