Latest data released by INSEE - 10 July 2018
- Prior -0.5%
- Industrial production -0.9% vs +0.4% y/y expected
- Prior +2.1%; revised to +1.9%
- Manufacturing production -0.6% vs +0.3% m/m expected
- Prior +0.4%
- Manufacturing production -0.7% vs +0.8% y/y expected
- Prior +3.0%; revised to +2.8%
Misses across the board, and that won't bode well for any justification that there is a positive turnaround in factory activity in Q2. The negative revisions only pile on the misery for the report. The data itself may not be of major impact to the euro now, but this will feed into overall Q2 growth and will in turn have an impact on the ECB's views on the economy.
