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French IP Recovery Ongoing

MNI (London)

FRANCE JUN IP +12.7% M/M, -11.7% Y/Y; MAY +19.9% M/M

FRANCE JUN Mfg Output +14.4% M/M, -12.5% Y/Y; MAY +22.2% M/M

  • After sharp rebound in May, French IP ticked up again in Jun, rising 12.7% and came in stronger than markets expected (BBG: 8.7% m/m).
  • Annual output declined again, down 11.7%, the slowest pace of deceleration since Feb
  • Monthly Mfg production increased as well in Jun, the second uptick in a row, while y/y output fell further.
  • Insee noted that production is still 11% below Feb's level, while mfg output is 12.4% lower.
  • All sectors saw m/m increases with consumer durable goods showing the largest uptick, up +36.3% after jumping 188.8% in the previous month.
  • Capital goods grew 24.0%, followed by Intermediate goods gaining 10.3%, while consumer non-durable goods ticked up 7.8%.
  • Energy output saw the smallest increase, rising 4.4% in Jun.
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