Recent Updates
- US: FHFA Home Mortgage Terms, Advance Durable Goods, Adv Trade & Inventories (Mar)
- Canada: Payroll, Employment, Earnings & Hours (Feb)
- Spain: Mortgage Market, Labor Force Survey (Q1) State Public Finance (Mar), Social Security Funds, Consolidated, Central Government Public Finances (Feb), Tax Receipts (Q1, Mar)
- South Africa: Tourism & Migration, Export & Import Price Indexes (Feb), PPI (Mar); Kenya: GDP (2017)
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Economy in Brief
Japan Shows Very Moderate Growth As Trade War Clouds Gather
Japan’s sector indexes showed a solid gain in February...
U.S. Consumer Confidence Unexpectedly Rose in April
The Conference Board Consumer Confidence Index rose to 128.7 in April from 127.0 (initially reported as 127.7) in March...
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
U.S. FHFA House Price Index Continues to Strengthen
The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
by Robert Brusca December 10, 2008
Output plunges in Italy and in France
In France a large part of the drop in IP is the weakened auto
sector. Output in the auto sector fell by 14.3%. Declines, as the table
shows, are widespread. The drops in output in France and in Italy are
worse than those in 2000 -2001. Output drops in France are gathering
momentum across sectors with the exception of capital goods. Italy
shows much the same situation with sequential growth rates indicating a
quickening pace of decline across sectors –the consumer sector being an
unpersuasive exception. In the quarter to date both countries show
sharp declines in output are underway in the -17% to -18% range
(annualized). Europe is in the throes of the severe output decline
phase of the recession. There are riots in Greece that mix some civil
unrest in with protests about how the economy is being managed.
| French IP excluding Construction | |||||||
|---|---|---|---|---|---|---|---|
| Saar except m/m | Oct-08 | Sep-08 | Aug-08 | 3-mo | 6-mo | 12-mo | Quarter-to-date |
| IP total | -2.7% | -0.8% | -0.5% | -14.7% | -12.3% | -7.2% | -18.3% |
| Consumer Goods | -0.4% | -0.2% | -0.6% | -4.6% | -1.8% | -3.3% | -4.3% |
| Capital Goods | -0.5% | 0.8% | 0.0% | 1.0% | -4.9% | 0.0% | 0.0% |
| Intermediate Goods | -3.5% | -1.7% | -0.9% | -22.0% | -16.3% | -10.1% | -26.0% |
| Memo | |||||||
| Auto | -14.3% | -5.9% | -0.2% | -58.2% | -44.4% | -29.2% | -69.3% |
| Italy IP excluding Construction | |||||||
| Saar except m/m | Oct-08 | Sep-08 | Aug-08 | 3-mo | 6-mo | 12-mo | Quarter-to-date |
| IP-MFG | -1.1% | -2.9% | 0.1% | -14.6% | -12.9% | -6.8% | -16.7% |
| Consumer Goods | 0.8% | -3.3% | 0.6% | -7.6% | -11.1% | -4.6% | -7.4% |
| Capital Goods | -1.5% | -2.7% | -1.1% | -19.1% | -18.2% | -8.7% | -19.9% |
| Intermediate Goods | -2.1% | -3.5% | 0.9% | -17.5% | -13.4% | -8.3% | -22.3% |
| Memo | |||||||
| Transportation | -5.8% | -5.6% | 1.7% | -33.4% | -30.5% | -19.8% | -42.9% |
