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Economy in Brief

French Industrial Production: Losing Momentum
by Robert Brusca January 10, 2008

French IP sank by more than excepted dropping by 1.5% in November. We can thank a French rail strike for some of this weakness. It’s one of the reasons the declines spread across sectors - the rail strike hit all sectors.

But in the fourth quarter-to-date total IP is up at a 2.5% pace despite the flattering momentum. Consumer output is weak in Q3, however, and is dropping at a 3.5% annual rate. Capital goods output is strong in the quarter, up at a 3% pace in Q4. Intermediate goods output is up at a very tame 0.3% pace in Q4 but auto output is leading the pace with a 10.5% annual rate gain in Q4 with two months of hard data in.

French IP Excluding Construction
SAAR except m/m Nov-07 Oct-07 Sep-07 3-mo 6-mo 12-mo Quarter-to-date
IP total -1.5% 2.1% -1.3% -3.0% 0.8% 2.5% 2.5%
Consumer goods -0.3% 0.2% -1.6% -6.6% -1.0% 0.6% -3.5%
Capital goods 0.3% 1.2% -1.2% 1.4% 7.2% 5.7% 3.0%
Intermediate goods -1.6% 1.8% -1.1% -3.6% -2.0% 1.2% 0.3%
Auto -5.3% 7.5% -4.2% -9.6% 0.8% 2.5% 10.5%
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