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EUROZONE DATA: Industrial Production In-Line With MNI Tracking & Consensus

EUROZONE DATA
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Eurozone October industrial production was in-line with consensus and our tracking estimate at 0.0% M/M. The prior was revised up to -1.5% M/M from -2.0% as we had estimated also. Ex-Ireland we estimate IP to have fallen -0.5%M/M.

  • In terms of subcomponents, developments were mixed with three of five subcomponents falling: Energy production fell 1.9% M/M (vs -1.1% prior), Durable consumer goods production fell 1.8% M/M (vs a rise of 1.0% in September) and Non-durable consumer goods production declined 2.3% M/M (reversing the gain of 1.9% in September).
  • Capital goods production rose 1.7% M/M (following September's -3.8% print), and intermediate goods were flat M/M (vs decreasing 1.5% in September).
  • Across these subcategories, individual readings have been very volatile over the past few months.
  • For more on the country breakdown see our preview bullet (EUROZONE DATA: Industrial Prod M/M Tracking Broadly in Line with Consensus, 12 December)
  • The underlying member country weak performance and survey data such as PMIs point to a likelihood of a third successive quarterly drop in IP in Q4.
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Eurozone October industrial production was in-line with consensus and our tracking estimate at 0.0% M/M. The prior was revised up to -1.5% M/M from -2.0% as we had estimated also. Ex-Ireland we estimate IP to have fallen -0.5%M/M.

  • In terms of subcomponents, developments were mixed with three of five subcomponents falling: Energy production fell 1.9% M/M (vs -1.1% prior), Durable consumer goods production fell 1.8% M/M (vs a rise of 1.0% in September) and Non-durable consumer goods production declined 2.3% M/M (reversing the gain of 1.9% in September).
  • Capital goods production rose 1.7% M/M (following September's -3.8% print), and intermediate goods were flat M/M (vs decreasing 1.5% in September).
  • Across these subcategories, individual readings have been very volatile over the past few months.
  • For more on the country breakdown see our preview bullet (EUROZONE DATA: Industrial Prod M/M Tracking Broadly in Line with Consensus, 12 December)
  • The underlying member country weak performance and survey data such as PMIs point to a likelihood of a third successive quarterly drop in IP in Q4.