SPAIN DATA
Spanish industrial production grew 1.9% Y/Y in October, the third consecutive acceleration from 0.1% in July, 0.5% in August and 1.1% in September (the latter was revised up from an initial 0.6%). Consensus was formed of just four analysts, but looked for a 0.6% Y/Y print. On a 3m/3m basis, production rose 0.6% (vs 0.2% prior).
- Looking at the major sub-components, consumer goods production remained negative 3m/3m at -0.2%, but this was up from -0.4% in September and -0.6% in August. Durable consumer goods production was 1.6% 3m/3m (vs 0.3% in Sep).
- 3m/3m capital goods production was positive for the first month since April at 0.7% (vs -0.9% prior). Meanwhile, intermediate and energy goods production growth each decelerated by two tenths.
- The recovery in industrial production momentum from the mid-2023 lows has come in tandem with the manufacturing PMI moving into – and remaining – in expansionary territory.
- Industrial sentiment in the European Commission’s survey was also on modest upward trend, before sharply falling back to -8.0 in October (vs -0.8 in September). The series recovered a little to -5.2 in November, though.
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