Expect there to be a larger focus on European economic data in the coming months. With that in mind, Bloomberg details European industrial production for September:
European industrial production declined the most in 2 1/2 years in September, led by capital and consumer goods, as the sovereign-debt crisis pushed the economy toward a recession.
A few things to note in the above...
- Germany appears to have been severely impacted by broader European austerity
- Italy was crushed
- Eastern Europe (an area that was initially impacted more by the crisis) saw positive growth in industrial production
Warning: While my guess is the above is more of a trend than a blip, the data is backward looking (over a month ago) and just one data point, thus it will be important to see how this progresses.
Source: Eurostat
Is Germany's problem EU austerity or possibly a hint of weakness in some of its Asian customers' economies?
ReplyDeleteGood point. Likely more than one reason, but interesting none-the-less.
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