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Economy in Brief

Europe's IP Drops Yet Again…
by Robert Brusca September 12, 2008

E-zone industrial output is down for three months running. All sectors are lower m/m in July. Main EU/EMU countries have output lower in July with France and Spain as exceptions. But over three months all these large countries are showing output trends lower and from 12 months to 6 months to 3 months output trends are accelerating in a negative direction across all these countries. The trend in the e-Zone is quite clear.

In the quarter to date output is falling in each of the large EU countries, except Spain, where output is extremely volatile. For all of EMU the decline is at a 6.6% negative annual rate. Germany and Italy are seeing the most extreme weakness early in Q3.

E-zone MFG IP
Saar except m/m Mo/Mo Jul
08
Jun
08
Jul
08
Jun
08
Jul
08
Jun
08
 
Ezone Detail Jul
08
Jun
08
May
08
3Mo 3Mo 6mo 6mo 12mo 12mo Q-2-
Date
MFG -0.5% -0.3% -1.5% -8.5% -5.4% -5.0% -2.2% -1.9% -0.6% -6.6%
Consumer -0.2% 0.6% -2.0% -6.3% -2.2% -4.3% -2.3% -2.0% -1.5% -2.8%
C-Durables -0.9% 0.4% -3.4% -14.6% -4.3% -7.8% -2.8% -5.4% -4.5%  
C-Nondurables -0.3% 0.7% -1.5% -4.3% -2.4% -3.7% -2.1% -1.4% -0.8%  
Intermediate -0.3% -0.4% -1.5% -8.4% -6.2% -4.6% -2.7% -2.1% -1.3% -6.1%
Capital -0.8% -0.5% -2.1% -12.8% -2.1% -5.5% 0.4% -0.9% 1.6% -10.6%
Main E-zone Countries and UK IP in MFG
Mo/Mo Jul
08
Jun
08
Jul
08
Jun
08
Jul
08
Jun
08
 
MFG Only Jul
08
Jun
08
May
08
3Mo 3Mo 6mo 6mo 12mo 12mo Q-2-
Date
Germany: -2.0% 0.5% -1.9% -13.1% -6.9% -7.8% -2.2% -0.2% 2.2% -13.3%
France: IP ex Construction 1.2% -0.6% -3.0% -9.5% -8.5% -3.8% -5.3% -2.0% -1.9% -1.5%
Italy -1.5% 0.0% -1.8% -12.3% -4.9% -5.8% 0.4% -4.1% -2.4% -11.8%
Spain 10.4% -5.1% -14.8% -36.7% 13.0% -5.9% -17.9% -2.7% -9.8% 3.6%
UK -0.2% -0.5% -0.4% -4.1% -4.1% -3.0% -1.9% -1.4% -1.5% -3.8%
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