Germany May industrial production -0.3% vs +0.5% m/m expected

Latest data released by Destatis - 7 July 2021

• Prior -1.0%
• Industrial production WDA +17.3% y/y expected
• Prior +26.4%

Much like factory orders yesterday, there is another miss to the reading in industrial output today and that also reaffirms that not all of the robust anticipation from the PMI readings did translate to hard data at the end of the day in Q2.

We'll have to see how things keep up in the months ahead but for now, expectations are still for a more optimistic 2H 2021. For some context, industrial output in May was still some 5% lower as compared to February 2020 i.e. pre-pandemic levels.