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No Light At End Of German Tunnel As Industrial Production Sinks Again
When it rains, it pours - and Germany is getting drenched.
Just a day after factory orders came in weak and the construction PMI printed the lowest in five years, Germany turned in a miss on industrial production, which fell 0.6% MoM in July, missing estimates.
Output fell 4.2% YoY, underscoring the malaise evident in other abysmal data points. It was the ninth straight month of YoY declines.
(Bloomberg)
As a reminder, industrial production fell 5.2% YoY in June - that was the worst read i
