French Industrial Production Drops Sharply In June

Industrial production in France fell sharply in June, undermining hopes that the eurozone’s manufacturing sector might have seen the worst of this year’s slowdown, the Financial Times reported. Industrial production dropped by 2.3 per cent month-on-month according to French statistical body Insee. Manufacturing, the largest component of industrial output, fell 2.2 per cent in June from the previous month, and was down 0.3 per cent in the second quarter compared to the first, driven largely by a marked drop in the making of transport equipment. The numbers came two days after a disappointing drop in industrial production in Germany — down by a larger-than-expected 1.5 per cent month-on-month in June — intensifying fears that Europe’s largest economy could be heading for its first recession in more than six years. Read more