· Industrial production in France was up strongly in October showing a rise of 2.1%. In the past three months overall output is up but without any real strong sector leadership. Auto sales are up strongly in October. In the quarter to date output is up strongly over its Q3 level expanding at an 8.1% annual rate. France follows the same trend as Germany as its consumer goods output is lagging, falling by 2.1% so far in Q3. Capital goods output is up at a 6.9% annual rate in Q4. Europe continues to show weak consumer demand/output and displays an ongoing strong capital goods sector. 

French IP excluding Construction

Saar exept m/m

Oct-07

Sep-07

Aug-07

3-mo

6-mo

12-mo

IP total

2.1%

-1.2%

0.1%

3.9%

5.7%

4.0%

  Consumer goods

0.4%

-1.5%

0.9%

-1.1%

3.3%

1.6%

  Capital goods

1.0%

-1.0%

-0.1%

-0.3%

7.0%

4.0%

  Intermediate goods

1.9%

-0.9%

-0.6%

1.6%

3.5%

3.9%

Memo

  Auto

6.9%

-4.0%

1.3%

16.5%

6.9%

5.7%