Euro industrial production data due today - preview
Eurozone Industrial Production for July is due at 0900GMT
expected 0.1% m/m and 3.3% y/y
priors -0.6% & 2.6% respectively
Previews via ...
- We expect euro area industrial production to make a weak start to Q3, with a flat July growth. Such an outcome would imply a Q3 carry-over of +0.1% q/q, significantly lower than the 1.2% q/q growth recorded in Q2.
- Euro zone industrial production is likely to have stagnated in July and should thus also come in around the second quarter average. However, we would not call this a weak spot in manufacturing. With sentiment very healthy at present, further increases in industrial output appears to be on the cards in coming months.
- Eurozone industrial production fell by 0.6% m-o-m in June, driven by the fall in capital goods (-1.9% m-o-m) and durable consumer goods production (-1.2% m-o-m). The manufacturing PMI did ease back by 0.8pts to 56.6 in June, but remains at an elevated level. The industrial production data released so far have been a bit of a mixed bag, with industrial production remaining unchanged in Germany (after a 1.1% fall in June) and increasing by 1.8% m-o-m in Ireland (after a 7.5% fall in June). We expect the aggregate figure to grow by 0.2% m-o-m.