Euro-Zone Industrial Outputs, Employment Weakens Further
Industrial outputs in the Euro-Zone fell for the second month in July, with the rate of production falling 0.3% from the previous month amid expectations for a 0.2% decline, while the annualized rate tumbled 15.9% from the previous year. The breakdown of the report showed outputs of capital goods plunged 1.8% during the month, with production of durable consumer goods slipping 0.8% from the previous month, while energy outputs fell 1.2% after rising 2.2% in June. At the same time, a separate report showed employment fell 0.5% in the second quarter after falling 0.7% during the first three months of the year, while the annualized rate plunged 1.8% from the previous year. The data foreshadows a weakening outlook for the region as businesses continue to scale back on production and employment in an effort to weather the downturn in global trade, and conditions may weaken further over the coming months as the effects of the government stimulus begins to taper off.