France: Industrial output holds steady
August 10, 2012
In June, industrial output was flat over the previous month in seasonally adjusted terms, which was up from the revised 2.0% contraction tallied in May (previously reported: -1.9% month-on-month). Nevertheless, the monthly reading fell slightly short of market expectations of a 0.1% increase. On an annual basis, industrial activity contracted 2.3% in June, which was up from the 3.7% decline observed in May. Nonetheless, the trend dipped into negative territory for the first time since June 2010, with annual average growth in industrial production declining 0.3%, down from the flat reading seen in May.