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Factory Output Shrinks in Eurozone, EU
Industrial production in the 17-member eurozone, which tumbled 1% from September to October, fell 0.3% in November, according to EU statistics bureau Eurostat.
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Industrial production in the 17-member eurozone, which tumbled 1% from September to October, fell 0.3% in November, according to EU statistics bureau Eurostat.
November marked the third straight month-on-month decline in eurozone factory and power-generation activity. Manufacturing of durable goods such as autos and appliances dropped 1.1%.
Year on year, the eurozone's overall industrial output plunged 7.7%.
In the broader 27-country EU, Eurostat says industrial production, which fell 0.8% in October, slid 0.3% in November. The region's durable goods production shrank 1.4% month on month.
Total EU factory and energy output plummeted 6.8% compared with November 2011.
Amid all the bad news, economists were encouraged that production of capital goods, a gauge of business investment, rose 0.7% from October to November in the eurozone and 0.5% in the EU.
Separately, the U.K.'s Office for National Statistics reports that manufacturing output dropped 0.3% month-on-month in November.
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