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Economy in Brief

Industrial Output Falls Hard Across Europe
by Robert Brusca January 9, 2009

The bad news keeps on coming for Europe. Declines in industrial output are now reflecting the effect of what has been ongoing weakness in industrial orders. Output is down Yr/Yr in German, France Spain and the UK and the progression of growth rates shows that the intensity of the drops is increasing.

Even so Europe has showed a new capacity to surprise. Retail sales in November rose in Germany and across the e-Zone. Still this little bit of resilience is a straw in a strong wind that is blowing in the opposite direction. Unemployment is rising across the e-Zone, the industrial sector is dropping quickly and the services sector is declining rapidly. The industrial and service sector weakness is real. Financial distress is still being corralled. The rebound in retailing is a last gasp.

Main E-zone Countries and UK IP in MFG
  Mo/Mo 3-Mo 6-mo 12-mo  
MFG Only Nov-08 Oct-08 Sep-08 Nov-08 Nov-08 Nov-08 Q-2-Date
Germany: -3.5% -2.1% -3.7% -31.4% -13.6% -6.9% -22.5%
France:IPxConstruct'n -2.4% -3.7% -0.7% -24.1% -13.0% -9.0% -23.6%
Spain -11.5% 0.1% 2.9% -30.9% -23.9% -17.2% -30.4%
UK -2.9% -1.4% -1.0% -19.2% -12.7% -7.4% -16.3%
Mo/Mo are simple percent changes others are at saars    
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