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Friday, January 22, 2010

Eurozone Industrial Orders Shows Improvement

This will be the one and only post today in a VERY slow week here at EconomPic (and it isn't an awfully dramatic post). Travels for the real job have defeated blogging in the battle for my time...

NY Times details:

Euro zone industrial new orders surged more than three times as much as expected in November against October, buoyed mainly by demand for intermediate and non-durable consumer goods, data showed on Friday.

Orders in the 16-country area rose 1.6 percent from October and were 1.5 percent lower than a year earlier, the European Union's statistics office said.

Economists polled by Reuters had on average expected a 0.5 percent month-on-month increase and a fall of 6.2 percent year-on-year.

Eurostat also revised upwards its October orders data to show slightly smaller declines than previously reported.
These levels are still down from November 2008 levels (a period that was already massively down due to the global slowdown).

Thus, while any improvement on the margin is positive, we still have a long way to go.

Source: Eurostat