Ind Production Recovers Further

GERMANY JUL IND PROD +1.2% M/M, -10.0% Y/Y; JUN +9.3% M/Mr. -11.4% Y/Y

• German industrial output ticked up again in Jul by 1.2% m/m, although at a slower pace than markets anticipated (BBG: +4.5% m/m)
• Jun's growth rate was revised up to 9.3% from 8.9% reported previously.
• Annual production improved as well to -10.0%, up from -11.4% in Jun
• However, Destatis noted that industrial output still remains 10.8% below Feb's level
• Production in the car industry, Germany's largest industrial sector, increased 6.9% on a monthly basis but is still around 15% below pre-crisis levels.
• Capital goods production gained 2.1%, while intermediate goods rose 4% and consumer goods edged higher by 1.8%.
• Energy output ticked down 0.6% and output in the construction sector declined 4.3%.