Industrial output falls again in March
Industrial output contracted again in March, recording the fourth drop in five months. Industrial production decreased a seasonally-adjusted 0.3% over the previous month, a larger fall than February’s 0.1% contraction. The result matched market expectations.
The deterioration was driven by falling output of non-durable consumer goods. Looking at the individual economies for which data is available, 6 economies saw industrial production deteriorate in March, including France, Italy and Spain.
On an annual basis, industrial production contracted 0.6%, contrasting February’s flat growth. Annual average growth in industrial production slumped to 0.1% in March from February’s 0.6%, the worst reading since February 2014.