Euro Area Industrial Production Mom

Industrial production in the Euro Area fell 2.3 percent month-over-month in July of 2022, after an upwardly revised 1.1 percent increase in June. It was the biggest drop in industrial activity since August 2021 and compares with market expectations of a 1 percent decline. Production dropped for capital goods (-4.2 percent vs 3.1 percent in June), intermediate goods (-0.8 percent vs -0.1 percent) and durable consumer goods (-1.6 percent vs -1.2 percent). Meanwhile, output eased for energy (0.4 percent vs 1.1 percent) but rebounded for non-durable consumer goods (1.2 percent vs -4.4 percent). Among the bloc's biggest economies, production went down in Germany (-0.7 percent), France (-1.5 percent) and Spain (-1 percent) but rose in Italy (0.4 percent). Year-on-year, industrial production declined 2.4 percent, after a 2.2 percent rise in June.