Germany May industrial production -2.5% vs +0.2% m/m expected

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• Prior -0.1%; revised to +0.1%

It’s another dismal reading for German industrial output, once again reflecting rather poor conditions in the sector. If you exclude the energy and construction sectors, production actually fell by 2.9% in May compared to April. Looking at the details, there were falls across the board in the production of capital goods (-4.0%), intermediate goods (-2.7%), and consumer goods (-0.2%).