Brexit worries aside, the UK economy remains OK. Along with the latest improvement in business and consumer confidence and PMI surveys, industrial and manufacturing output has bounced back.
To be sure, market expected industrial and manufacturing rebound in November by 0.8% and 0.5%, respectively, following the end of the maintenance period in the oil and gas industries that saw their respective outputs contract by 1.1% and 1.0% in October.
The actual data surprised on the upside: industrial production jumped by 2.1% in the month of November for a year-on-year gain of 2.0% (from -0.9% in October); manufacturing output increased by 1.3% taking its annual growth rate up to 1.5% (from -0.5%).
Still, it would be unwise to discount Brexit. Whether it's the hard or the soft version, it remains the biggest uncertainty facing the UK economy.