Pansen Macro: Industrial Trend in the Eurozone Still Unimproved

September 13th, Pantheon Macroeconomics’ Chief Eurozone Economist Claus Vistesen stated in a report that the eurozone’s industrial production declined by 0.3% month-on-month in July, but Ireland’s growth of 9.2% will undoubtedly reverse at the appropriate time. Vistesen said that the underlying trend has not improved, with output of intermediate goods, capital goods, and durable goods all declining. Germany’s output declined by 3.0% on a monthly basis, while France declined by 0.5%. Vistesen added that the decline in July resulted in a 0.6% decline in the carryover rate for the third quarter (i.e. the change in output assuming no change in production in August and September), and the survey also indicates that the data will further contract.