Spanish Industrial Production Growth Slows from 5 % yoy to 3.1%

Discussion in 'Economics' started by ASusilovic, Aug 5, 2010.

  1. Industrial production in Spain rose 3.1% year-on-year in June, slower than the 5% increase in the previous month, statistical office INE said on Thursday.

    By economic destination of goods, all sub-sectors showed growth, with intermediate goods leading the rise. Energy output jumped 4.2% mainly due to higher production in oil refineries.

    On a calendar adjusted basis, industrial production was up 3%, slower than the 3.2% increase in May.

    Region-wise, industrial production recorded steep rises in Navarra and Extremadura. The Balearic Islands recorded the biggest fall in output.

    A survey of manufacturing companies released earlier in the week showed a further improvement in manufacturing conditions. The Markit manufacturing purchasing managers’ index - an indicator of health at 400 manufacturing companies across Spain - rose to 51.6 in July from 51.2 in the previous month. A reading above 50 indicates expansion while one below suggests contraction.

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    If you ask yourself why the Euro is weaker today...
  2. Spanish Treasuries auction:

    3,500 millions (>6,000 millions bid) @ 2.3% vs. 3.4% previous auction.

    In case you're wondering why it's going up :D :p

    Plus Germany's factory orders beating forecasts.

    ECB interest rate decision at 7:45 EST (a non-event, barring some huge surprise) and notre ami Trichet speaking at 8:30, right after Jobless Claims (in case you're wondering WTF the euro is doing)

    Thanks for the heads up, Asus
  3. You are the bearer of bad news