Industrial output rises most since 2020 in June

Latest reading: Industrial output rebounded 3.8% in month-on-month seasonally adjusted terms in June, which contrasted May's 0.7% decrease. June's result marked the best reading since July 2020 and far exceeded market expectations as companies caught up on accumulated delays and supply-chain constraints eased. The bounce back was largely driven by a notable recovery in manufacturing output. In addition, mining and quarrying production also rebounded, and energy supply grew at a faster rate. On an annual basis, factory output rose 2.0% in June (May: -1.1% yoy), the best result since May 2023. Moreover, the trend improved modestly, with the annual average variation of industrial production coming in at minus 0.4% in June, up from May's minus 0.6% reading.

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