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Indicator Digest

Industrial Production
Measures all industrial production.

Main Indicator: Industrial Production m/m

Most Recent Release

March
12th, 2010
Actual Forecast Previous Revised Form
1.7% 0.8% -1.6% -1.5%

For January
Provided by: Eurostat
Official Release: PDF

y/y: 1.4%, pr. -5.0% (Dec), -7.1% (Nov), -11.1% (Oct),
-12.9% (Sep), -15.4% (Aug), -15.9% (Jul), -16.7% (Jun),
-17.6% (May), -21.6% (Apr), -20.2% (Mar), -18.4% (Feb)

Table of Past Data

6/127/148/129/1410/1411/1212/141/142/123/12
Actual-1.9%0.5%-0.6%-0.3%0.9%0.3%-0.6%1.0%-1.7%1.7%
Forecast-0.5%1.5%0.4%-0.3%0.9%0.6%-0.6%0.6%0.3%0.8%
Previous-1.4%-1.4%0.6%-0.2%0.2%1.2%0.2%-0.6%1.0%-1.6%
Revised From-2.0%-1.9%0.5%-0.6%-0.3%0.9%0.3%N/AN/A-1.5%

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Secondary Indicator: Industrial New Orders m/m

Most Recent Release

February
24th, 2010
Actual Forecast Previous Revised Form
0.8% -1.2% 2.7% N/A

For December
Provided by: Eurostat 
Official Release: PDF

y/y: 9.5%, forecast 7.6%, pr. -0.6% R+ (Dec), -14.5% (Nov),
-16.5% (Sep), -23.2% (Aug), -24.3% (Jul), -25.1% (Jun),
-30.3% (May), -35.5% (Apr), -26.9% (Mar), -34.2% (Feb)

Table of Past Data

5/266/257/228/249/2310/2311/241/61/222/24
Actual-0.8%-1.0%-0.2%3.1%2.6%2.0%1.5%-2.2%1.6%0.8%
Forecast0.8%0.0%1.9%1.7%2.1%1.3%0.7%-0.90.6%-1.2%
Previous0.0%- 0.2%-0.7%-0.5%4.0%2.6%0.6%1.7%-2.2%2.7%
Revised From-0.6%-0.8%-1.0%-0.2%3.1%N/A2.0%1.5%N/AN/A

Past Releases

Industrial Production m/m
February
12th, 2010
Actual Forecast Previous Revised Form
-1.7% 0.3% 1.0% N/A

For December
Provided by: Eurostat
Official Release: PDF

y/y: -5.0%, pr. -7.1% (Nov), -11.1% (Oct), -12.9% (Sep),
-15.4% (Aug), -15.9% (Jul), -16.7% (Jun), -17.6% (May),
-21.6% (Apr), -20.2% (Mar), -18.4% (Feb), -16.0% (Jan)

Industrial New Orders m/m
January
22nd, 2010
Actual Forecast Previous Revised Form
1.6% 0.6% -2.2% N/A

For November
Provided by: Eurostat 
Official Release: PDF

y/y: -1.5%, pr. -14.5% (Nov), -16.5% (Sep), -23.2% (Aug),
-24.3% (Jul), -25.1% (Jun), -30.3% (May), -35.5% (Apr),
-26.9% (Mar), -34.2% (Feb), -34.1% (Jan), -22.3% (Dec),

Industrial Production m/m
January
14th, 2010
Actual Forecast Previous Revised Form
1.0% 0.6% -0.6% N/A

For November
Provided by: Eurostat
Previous Release: PDF

y/y: pr. -11.1% (Oct), -12.9% (Sep), -15.4% (Aug), -15.9% (Jul),
-16.7% (Jun), -17.6% (May), -21.6% (Apr), -20.2% (Mar),
-18.4% (Feb), -16.0% (Jan), -12.0% (Dec), -7.7% (Nov)

Industrial New Orders m/m
January
6th, 2010
Actual Forecast Previous Revised Form
-2.2% -0.9 1.7% 1.5%

For October
Provided by: Eurostat 
Official Release: PDF

y/y: -14.5%, pr. -16.5% (Sep), -23.2% (Aug), -24.3% (Jul),
-25.1% (Jun), -30.3% (May), -35.5% (Apr), -26.9% (Mar),
-34.2% (Feb), -34.1% (Jan), -22.3% (Dec), 26.2% (Nov)

From the release:
Monthly changes
In October 2009 compared with September 2009, new orders for intermediate goods increased by 1.5% in the euro area and by 1.0% in the EU27. Durable consumer goods rose by 0.6% in the euro area, but fell by 1.7% in the EU27. Non-durable consumer goods remained stable in the euro area, but declined by 1.4% in the EU27. Capital goods dropped by 4.6% and 1.8% respectively.
...
Annual changes

In October 2009 compared with October 2008, new orders for non-durable consumer goods fell by 6.4% in the euro area and by 5.9% in the EU27. Durable consumer goods declined by 14.2% and 9.5% respectively. Capital goods dropped by 15.0% in the euro area and by 15.4% in the EU27. Intermediate goods decreased by 16.4% and 15.4% respectively.
Industrial Production m/m
December
14th, 2009
Actual Forecast Previous Revised Form
-0.6% -0.6% 0.2% 0.3%

For October
Provided by: Eurostat
Official Release: PDF

y/y: -11.1%, pr. -12.9% (Sep), -15.4% (Aug), -15.9% (Jul),
-16.7% (Jun), -17.6% (May), -21.6% (Apr), -20.2% (Mar),
-18.4% (Feb), -16.0% (Jan), -12.0% (Dec), -7.7% (Nov)

Euro-zone industrial production was down 0.6% in October, the first decline in six months, as demand for consumer goods slumped. The decline was expected and the figure for the month matched forecasts.Output of non-durable consumer goods dropped 1.6% in the month after rising 0.7% in September. Production of durable consuemr goods fell 1.4%, while energy output slipped 0.3%. Output of capital goods, such as factory machinery, was unchanged. 

The Euro-zone economy may face some headwinds as it emerges from its recession. The high value of the Euro will hurt exports and rising unemployment will cut into consumer spending. With fiscal stimulus measures all but done, and the ECB talking about winding down some of its emergency liquidity measures, there will be some rough patches going forward as the recovery attempts to be self-sustaining. The ECB says that the euro region would expand about 0.8% in 2010 and may grow 1.2% in 2011. 

Industrial New Orders m/m
November
24th, 2009
Actual Forecast Previous Revised Form
1.5% 0.7% 0.6% 2.0%

For September
Provided by: Eurostat
Official Release: PDF

y/y: -16.5%, forecast -17.3%, pr. -23.2% (Aug), -24.3% (Jul),
-25.1% (Jun), -30.3% (May), -35.5% (Apr), -26.9% (Mar),
-34.2% (Feb), -34.1% (Jan), -22.3% (Dec), 26.2% (Nov)

Industrial Production m/m
November
12th, 2009
Actual Forecast Previous Revised Form
0.3% 0.6% 1.2% 0.9%

For September
Provided by: Eurostat
Official Release: PDF

y/y: -12.9%, pr. -15.4% (Aug), -15.9% (Jul), -16.7% (Jun),
-17.6% (May), -21.6% (Apr), -20.2% (Mar), -18.4% (Feb),
-16.0% (Jan), -12.0% (Dec), -7.7% (Nov), -5.3% (Oct)

Euro-zone industrial production rose 0.3%, a fifth straight month of increases. That figure was lower than forecast, but on the upside August's figure was revised higher to 1.2% from an originally stated 0.9%. The global recovery is helping to boost European exports, and in this report the gains in output were led by a 1.7% increase in capital goods such as machinery. Output of intermediate goods such a machinery parts and steel rose 0.6%, while production of non-durable goods was up 1.1%. 

The efforts to slash interest rates by central banks around the world, and fiscal stimulus by governments is helping to revive manufacturing not only in the Euro-zone but also the US and China. New orders are up as companies replenish their inventories. That should keep manufacturing activity positive in the months to come. For the Euro-zone the concern is a strong Euro which makes their exports more expensive abroad and could cut into exports.

Industrial New Orders m/m
October
23rd, 2009
Actual Forecast Previous Revised Form
2.0% 1.3% 2.6% N/A

For August
Provided by: Eurostat
Previous Release: PDF

y/y: -23.1%, forecast -22.5%, pr. -24.3% (Jul), -25.1% (Jun),
-30.3% (May), -35.5% (Apr), -26.9% (Mar), -34.2% (Feb),
-34.1% (Jan), -22.3% (Dec), 26.2% (Nov), -15.1% (Oct)

Industrial Production m/m
October
14th, 2009
Actual Forecast Previous Revised Form
0.9% 0.9% 0.2% -0.3%

For August
Provided by: Eurostat
Official Release: PDF

y/y: -15.4%, pr. -15.9% (Jul), -16.7% (Jun), -17.6% (May),
-21.6% (Apr), -20.2% (Mar), -18.4% (Feb), -16.0% (Jan),
-12.0% (Dec), -7.7% (Nov), -5.3% (Oct), -2.4% (Sep), -0.7% (Aug)

Euro-zone industrial production rose for the 4th straight month , as it climbed 0.9% in August, and July's figure was revised upward from negative 0.3% to show an increase of 0.2%. The rise was led by consumer durable goods, adding to signs the euro-area economy is recovering from its recession. On the year, production was down 15.4%, which was the best figure in seven months. 

Industrial New Orders m/m
September
23rd, 2009
Actual Forecast Previous Revised Form
2.6% 2.1% 4.0% 3.1%

For July
Provided by: Eurostat
Official Release: PDF

y/y: -24.3%, pr. -25.1% (Jun), -30.3% R- (May), -35.5% (Apr),
-26.9% (Mar), -34.2% (Feb), -34.1% (Jan), -22.3% (Dec),
26.2% (Nov), -15.1% (Oct), -2.4% (Sep), -0.7% (Aug), -1.2% (Jul)

Industrial Production m/m
September
14th, 2009
Actual Forecast Previous Revised Form
-0.3% -0.3% -0.2% -0.6%

For July
Provided by: Eurostat
Official Release: PDF

y/y: -15.9%, pr. -16.7% (Jun), -17.6% (May), -21.6% (Apr),
-20.2% (Mar), -18.4% (Feb), -16.0% (Jan), -12.0% (Dec),
-7.7% (Nov), -5.3% (Oct), -2.4% (Sep), -0.7% (Aug), -1.2% (Jul)

Industrial New Orders m/m
August
24th, 2009
Actual Forecast Previous Revised Form
3.1% 1.7% -0.5% -0.2%

For June
Provided by: Eurostat
Official Release: PDF

y/y: -25.1%, forecast -28.3%, pr. -30.3% R- (May), -35.5% (Apr),
-26.9% (Mar), -34.2% (Feb), -34.1% (Jan), -22.3% (Dec),
26.2% (Nov), -15.1% (Oct), -2.4% (Sep), -0.7% (Aug), -1.2% (Jul)

Industrial Production m/m
August
12th, 2009
Actual Forecast Previous Revised Form
-0.6% 0.4% 0.6% 0.5%

For June
Provided by: Eurostat
Official Release: PDF

y/y: -7.0%, forecast -16.4%,  pr. -17.6% R (May), -21.6% (Apr),
-20.2% (Mar), -18.4% (Feb), -16.0% (Jan), -12.0% (Dec),
-7.7% (Nov), -5.3% (Oct), -2.4% (Sep), -0.7% (Aug), -1.2% (Jul)

Industrial New Orders m/m
July
22nd, 2009
Actual Forecast Previous Revised Form
-0.2% 1.9% -0.7% -1.0%

For May
Provided by: Eurostat
Official Release: PDF

y/y: -30.1%, pr. -35.5% (Apr), -26.9% (Mar), -34.2% (Feb),
-34.1% (Jan), -22.3% (Dec), -26.2% (Nov), -15.1% (Oct),
-2.4% (Sep), -0.7% (Aug), -1.2% (Jul), -0.8% (Jun), -0.6% (May)

European industrial orders fell 0.2% in May, a figure that undershot the forecast of a 1.9% gain. On the year, orders fell 30.1%. The data shows that the Euro-zone manufacturing is still being pressured by weaker capital spending as companies reduce investment amid the global slowdown. Things were worse in the first quarter, when orders were down a record 35% in April, so look for these figures to improve for the 3rd quarter to see if the recovery in there is taking hold.

Industrial Production m/m
July
14th, 2009
Actual Forecast Previous Revised Form
0.5% 1.5% -1.4% -1.9%

For May
Provided by: Eurostat
Current Release: PDF

Ind. Prod. y/y: -17.0% (May),  pr. -21.6% (Apr), -20.2% (Mar),
-18.4% (Feb), -16.0% (Jan), -12.0% (Dec), -7.7% (Nov), -5.3% (Oct),
-2.4% (Sep), -0.7% (Aug), -1.2% (Jul), -0.8% (Jun), -0.6% (May)

Industrial production is showing signs of bottoming out with the first incrase since August of 2008. However this came in below expectations of a 1.5% gain. 

Industrial New Orders m/m
June
25th, 2009
Actual Forecast Previous Revised Form
-1.0% 0.0% - 0.2% -0.8%

For April
Provided by: Eurostat
Official Release: PDF

y/y: -35.5%, pr. -26.9% (Mar), -34.2% R (Feb), -34.1% (Jan),
-22.3% (Dec), -26.2% (Nov), -15.1% (Oct), -2.4% (Sep),
-0.7% (Aug), -1.2% (Jul), -0.8% (Jun), -0.6% (May), 4.0% (Apr)

Eurozone industrial new orders fell for a ninth consecutive month in April, unexpectedly falling 1.0% m/m, after an upwardly revised 0.2% m/m decline in March, data from Eurostat showed. Industrial new orders dropped a more-than-expected 35.5% y/y, following March’s upwardly revised 26.5% y/y decrease. Excluding volatile items, April industrial new orders dropped 0.9% m/m and 35.3% y/y.

Industrial Production m/m
June
12th, 2009
Actual Forecast Previous Revised Form
-1.9% -0.5% -1.4% -2.0%

For April
Provided by: Eurostat
Official Release: PDF

Ind. Prod. y/y: -21.6%, forecast -19.8%, pr. -20.2% (Mar),
-18.4% (Feb), -16.0% (Jan), -12.0% (Dec), -7.7% (Nov), -5.3% (Oct),
-2.4% (Sep), -0.7% (Aug), -1.2% (Jul), -0.8% (Jun), -0.6% (May)

Euro-zone industrial production fell 1.9% in April, a figure that was much worse than expected. On the year, output is down 21.6%, the biggest decline since this indicator began in 1986.  The report showed that durable consumer goods were down an annual 22.4%, and output of capital goods dropped 26.7%. Output has been scaled back significantly as firms seeing sales drop in response to the recession decided to run down their inventories instead of placing new orders. A further deterioration in April will keep the pressure on for the ECB to go through with its plan to buy bonds in an attempt to improve the flow of credit.

Industrial New Orders m/m
May
26th, 2009
Actual Forecast Previous Revised Form
-0.8% 0.8% 0.0% -0.6%

For March
Provided by: Eurostat
Official Release: PDF

y/y: -26.9%, forecast -30.6%, pr. -34.2% R (Feb), -34.1% (Jan),
-22.3% (Dec), -26.2% (Nov), -15.1% (Oct), -2.4% (Sep), -0.7% (Aug),
-1.2% (Jul), -0.8% (Jun), -0.6% (May), 4.0% (Apr)

Euro-zone industrial orders declined for an 8th straight month in March, sliding 0.8% on the month. That undershot expectations of an increase. The annual rate showed orders down 26.9% which was better than forecasts, and slowed the pace of decline compared to January's and February's figures. Though the free fall in orders seems to have stopped, its too early to say that demand has reached a bottom. The first quarter showed Euro-zone growth contracting at the fastest pace in at least 13 years, led by cuts in output and jobs. A rebound in production numbers is a sign to look for in establishing any kind of recovery, though a move to positive orders will have to wait till at least April's release.