Analysis: EMU November Industrial Output Hits Two-Year High
November: +1.2% m/m, +7.4% y/y
MNI survey median: +0.5% m/m, +5.9% y/y MNI survey range: flat to +2.0% m/m
October: +0.7% m/m (unrevised) September: -0.7% m/m (unrevised) August: +1.2% m/m (revised from +1.1%) July: +0.2% m/m (revised from +0.1%) June: -0.1% m/m (revised from -0.2%)
FRANKFURT (MNI) - Eurozone industrial output was stronger than generally expected in November, rising to a two-year high as all major components except consumer non-durable goods gained ground, Eurostat reported on Wednesday.
On the month, industry grew 1.2%, adding to October's rebound and bringing overall production levels to their highest level since November 2008. Compared to November 2009, output was up 7.4%. Taking October and November together, the two-month average was up 1.3% versus 3Q, which in turn was 1.0% higher than the previous period.
Intermediate goods output jumped 1.6% m/m, lifting the annual change to +7.9%, while capital goods production growth slowed to +1.4%, for a 12.0% annual gain.
Energy goods production increased 1.5% and 4.9% on the month and year, respectively. Durable consumer goods rose 0.1% between October and November, though it fell 0.1% in annual terms. Non-durables output levels were unchanged on the month, narrowing the year-over-year change to +2.7%.
Among the larger Eurozone economies, Germany was the only country to see a decline in November, falling 0.7% on the month for an annual growth rate of +11.4%.
Still, the setback is no doubt merely a correction after October's 3.1% surge rather than the start of a downward trend. Average output for October and November was up 2.2% from the previous two months and 2.5% higher than in the third quarter.
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