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Economy in Brief

European Production Data Encouraging
by Louise Curley June 7, 2010

The news from Europe is not all bad.  Data released today show that the real sector, as opposed to the financial sector, continues to improve in a number of countries. German Manufacturing Orders and Sales increased in April, contrary to expectations of a decline.   The volume of new orders rose 2.9 points to 105.1 (2005=100) in April after a 5.0 point rise in March. Comparable figures for the volume of sales were a rise of 1.2 points in April after a 2.9 point rise in March.  Sales and new orders are shown in the first chart.  Last week, it was announced that the registered unemployment rate IN Germany had fallen to 7.7%.  It is now five percentage points below November 2009.

Other countries releasing data on production today were Norway, Denmark and the Czech Republic.  Although Industrial Production continued to decline in Norway in April, the year over year percent of decline has abated.  Industrial production in Denmark in April was 4.2% above the year ago figure.  This was the first significant positive change since September, 2008.  Finally, industrial production in the Czech Republic continues to forge ahead.  The index was 109.5 (2005=100) in April, 10.9% above April 2009.  The actual indexes of Industrial Production and the year to year changes in the indexes for the three countries are shown in the second and third charts.

May 10  Apr 10  Mar 10 Feb 10 Jan 10 Dec 09 Nov 09 Oct 09
INDUSTRIAL PRODUCTION (2005=100)
Czech Republic --  109.5 108.4 107.6 107.8 104.9 104.8 104.6
Norway --  90.0 90.7 92.1 92.6 92.4 93.0 92.6
Denmark --  87.6 85.7 85.2 83.9 81.0 93.9 82.1
INDUSTRIAL PRODUCTION Y/Y% Change
Czech Republic --  10.9 10.2 6.9 4.9 2.3 -0.2 -7.4
Norway --  -3.5 -5.2 -6.3 -3.5 -6.3 -4.5 -5.9
Denmark  -- 4.2 -2.0 -4.8 -12.0 -17.1 -11.3 -18.4
GERMANY
New Orders  Volume (2005=100)  -- 105.1 102.2 97.2 97.2 92.4 94.7 91.4
Sales  Volume (2005=100) --  99.0 97.8 94.9 95.1 94.0 95.0 94.8
Registered Unemployment Rate (%) 7.7 7.8 8.0 8.1 8.1 8.1 8.2 8.2
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