IP Recovery Ongoing; But Still Below Feb Levels

FRANCE JUL IP +3.8% M/M, -8.3% Y/Y; JUN +13.0% M/M

• French IP increased for the third successive month in Jul, although at a slower pace than in Jun and below market expectation (BBG: 4.8%)
• Manufacturing output improved to 4.5%, up from 14.8%, while production in the construction sector rose 5.0% in Jul.
• Compared to Feb, production is still 7.1% lower, while manufacturing output is 7.9% below pre-crisis levels.
• Annual IP declined again, however at the slowest speed since Feb.
• All major categories except for energy production (-0.4%) showed a m/m increase with consumer durable goods leading the way, up 11.5%
• Capital goods rose 6.4%, while intermediate goods ticked up 4.6% and consumer non-durable goods edged up 1.9%.