Industrial Production Cools Off in Europe Too
Eurozone industrial production cooled off in August, after three strong months
The economic data from the Eurozone in the last few months has shown increased weakness, as the economy cools off again after the reopening bounce. Services have fallen into contraction, despite the slight upward revision we saw yesterday, while other aspects of the economy, such as inflation and business sentiment, have deteriorated again. Today’s industrial production report confirms further cooling down, as production came in at 0.7% in August, from 5% in July.
Latest data released by Eurostat – October14, 2020
- August industrial production MoM +0.7% vs +0.8% expected
- July production +4.1%; revised to +5.0
- Industrial production YoY -7.2% vs -7.0% expected
- Prior production YoY -7.7%; revised to -7.1%
Euro area factory output continued to highlight an improvement in Q3, but the pace of recovery is losing some steam after the August bounce, which, although it was expected, was not very robust. That said, manufacturing PMI data for September provided some indication that the industrial sector was still holding up towards the end of Q3, but amid ongoing virus concerns, it remains to be seen how things will progress as we move towards the year-end. Below is the detailed report.
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