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Economy in Brief

EMU Industrial Production is Plunging
by Robert Brusca January 14, 2009

Recession clearly has come to the Euro Area and to its member countries. Industrial output is dropping at a horrendous pace. The sequential growth rates in the table below show that IP has gone from a Yr/Yr decline of 7.1% to declining over six months at a pace of 10.3% and to a drop over three months at minus 19.1%. The unraveling in the EMU is rapid. It is also widespread with consumer durables and consumer nondurables intermediate goods and capital goods all being swept up in the acceleration of the decline. The bottom of the table demonstrates that all the main euro member countries and the UK are greatly affected. The far right column reflects the declines for the special quarter in progress, at this time that is 2008-Q4. The negative impact on growth for the quarter is intense and, again, very widespread.

Euro Area MFG IP
Saar except m/m Mo/Mo Nov
08
Oct
08
Nov
08
Oct
08
Nov
08
Oct
08
 
Euro Area Detail Nov
08
Oct
08
Sep
08
3Mo 3Mo 6mo 6mo 12
mo
12
mo
Q-4
MFG -1.7% -1.7% -1.9% -19.1% -11.5% -10.3% -10.4% -7.1% -5.6% -16.0%
Consumer -0.3% -0.3% -0.7% -4.9% -5.9% -2.7% -6.0% -3.3% -3.7% -5.0%
C-Durables -2.4% -1.8% -2.5% -23.9% -13.4% -12.7% -14.7% -9.8% -8.7%  
C-Nondurables 0.1% 0.0% -0.8% -2.6% -4.3% -1.1% -4.2% -2.2% -2.7%  
Intermediate -2.8% -2.4% -3.1% -28.5% -16.5% -15.6% -13.9% -10.3% -7.7% -23.5%
Capital -1.8% -2.3% -1.9% -21.8% -11.5% -11.4% -12.4% -7.2% -5.1% -18.1%
Main Euro Area Countries and UK IP in MFG
  Mo/Mo Nov
08
Oct
08
Nov
08
Oct
08
Nov
08
Oct
08
 
MFG Only Nov
08
Oct
08
Sep
08
3Mo 3Mo 6mo 6mo 12
mo
12
mo
Q-2-
Date
Germany: -3.5% -2.1% -3.7% -31.4% -9.8% -13.6% -10.7% -6.9% -3.7% -22.5%
France: IP ex Construction -2.4% -3.7% -0.7% -24.1% -18.1% -13.0% -14.2% -9.0% -8.0% -23.6%
Italy -2.3% -1.7% -3.4% -25.8% -17.6% -15.1% -15.0% -9.1% -7.8% -21.5%
Spain -11.5% 0.1% 2.9% -30.9% -26.4% -23.9% -29.6% -17.2% -11.2% -30.4%
UK: EU member -2.9% -1.4% -1.0% -19.2% -11.2% -12.7% -8.4% -7.4% -5.0% -16.3%
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