GERMAN DATA: Little Impetus From IP In April
Jun-09 06:07
- German industrial production was as expected in April, coming in at 0.4% but a March revision has to be accounted for positively (0.4% cons; -0.1% March, revised from -0.7%). This follows weaker (Eurozone-driven) factory orders data yesterday. On a broader scale, the IP series remains close to its cycle lows.
- "The less volatile three-month on three-month comparison showed that production was 0.5% lower in the period from February 2026 to April 2026"
- "Industry excluding energy and construction remained unchanged (0.0%) compared with March"
- "Increase[s] seen in the construction industry (+2.4% M/M, seasonally and calendar adjusted) [...] The growth in production observed in the chemical industry (+2.1%) and in the manufacture of fabricated metal products, except machinery and equipment (+1.6%) also had a positive impact. By contrast, the decrease in production in the automotive industry (-4.7%) had a negative impact"
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