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Economy in Brief

Industrial Production Drops Sharply in France and Italy
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%
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