Industrial output plunges in September, continuing the weak data streak
Industrial output contracted in September, falling a seasonally-adjusted 0.3% over the previous month. The result contrasted August’s revised 1.1% increase (previously reported: +1.0% month-on-month) and was broadly in line with market expectations. The print marks another weak reading for the Eurozone economy, signaling that momentum has cooled significantly in recent months.
The downturn was broad-based, with production of intermediate goods, energy and consumer goods dropping in September. In contrast, output of energy grew, although at a weaker pace than in the previous month. Looking at the individual economies for which data is available, 16 economies saw industrial production fall in September, indicating broad-based malaise. Notably, all four of the region’s major players, France, Germany, Italy and Spain, were included in this group.
On an annual basis, industrial production growth slid from 1.1% in August to 0.9% in September. Meanwhile, annual average industrial production growth fell to 2.6% from 2.9% in August.