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Economy in Brief

French IP Bucks Trends with Large Gain
by Robert Brusca September 10, 2007

French industrial output is up strongly on the heels of weak numbers from Germany and the UK and with ongoing weakness in Italy. In France, industrial production jumped by 1.3% in July, boosted by autos, a sector that had been weak. Consumer spending is still touch-and-go as the output of consumer goods that services that demand fell in July and rose by just 0.1% in June. Capital goods output and intermediate output remain firm and have strengthened in recent months. The consumer remains as a big question-mark in EMU. The unrest in financial markets raises further questions about the consumer and confidence. France stands in stark contrast to industrial production trends elsewhere in the Euro area.

French IP Excluding Construction
SAAR except m/m Jul-07 Jun-07 May-07 3-month 6-month 12-month
IP total 1.3% -0.6% 0.8% 5.9% 3.9% 2.6%
Consumer -0.1% 0.1% 0.9% 3.5% 1.6% 1.4%
Capital 1.0% 0.6% 0.5% 8.8% 6.0% 3.5%
Intermediate 1.7% -1.0% 0.7% 5.8% 5.2% 3.6%
Memo
Auto 4.7% -2.4% -2.5% -1.5% 4.2% 2.3%
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