German Industrial Production drops 0.6% MoM in Sept, misses estimates (EUR/USD unmoved)
|- German Industrial Production drops 0.6% MoM in September.
- German Industrial Production plunges 4.3% YoY in September.
Industrial Production in Germany contracted more-than-expected in September, the official data showed on Thursday; suggesting deepening manufacturing recession in Europe's largest economy.
The industrial output came in at -0.6% m/m, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 0.4% drop expected and +0.3% last.
On an annualized basis, the German industrial production arrived at -4.3% in September versus -2.9% expected and -3.9% booked in August.
Meanwhile, the shared currency maintained the losses on the downbeat German industrial figures, with EUR/USD meandering near three-week lows of 1.1055 reached earlier today.
About German Industrial Production
The Industrial Production released by the Statistisches Bundesamt Deutschland measures outputs of the German factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).
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