German Ind Production Slips in Aug

GERMANY AUG IND PROD -0.2% M/M, -9.6% Y/Y; JUL +1.4% M/M

• German industrial production edged down in Aug by 0.2% m/m, following three consecutive increases and falling short of markets expectations looking for an uptick (BBG: 1.5% m/m)
• Jul's growth rate was revised up to 1.4% from 1.2% reported previously.
• Annual output improved as well to -9.6%, following Jul's reading of -10.0%
• Nevertheless, Destatis noted that industrial output remains 10.8% below the levels seen pre-crisis.
• Production in Germany's largest industrial sector, the car industry, dropped in Aug, falling by 12.5% m/m after Jul's 8.9% rise and remaining around 25% below Feb's level.
• Capital goods production declined 3.6 and consumer goods ticked down by 1.3%, while intermediate goods rose 3.3%.
• Energy output increased by 6.7%, while output in the construction sector decreased by 0.3%.