Manufacturing production flatlines in June

Latest reading: Manufacturing output flatlined month on month in seasonally adjusted terms in June, which followed May's 2.2% increase. Looking at the details of the release, June's notable deceleration was largely driven by a sharp slowdown in food and beverages production growth. Additionally, basic iron and steel, non-ferrous metal products, metal products and machinery swung to a contraction. Moreover, wood and wood products, paper, publishing and printing output declined at a steeper clip. On an annual basis, manufacturing output rose at a faster rate of 1.9% in June (May: +0.7% yoy), the joint-best result since July 2024. Accordingly, the trend improved significantly, with the annual average variation of manufacturing production coming in at minus 0.9% in June, up from May's minus 1.5%.

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