Eurozone Industrial Output Down for 3rd Month

Industrial output across the 17 European Union countries that use the euro fell in November for the third straight month, official figures showed today, in a further sign that the region likely remained mired in recession for the fourth quarter of 2012. The 0.3% monthly decline reported by Eurostat, the EU's statistics office, was worse than expected. The consensus in the markets was that output would increase a modest 0.1% during the month.

Even though the rate of decline eased following the 2.3% and 1% drops reported in September and October, respectively, the figures are likely to cement market expectations that the recession in the eurozone has deepened. Year-on-year, industrial production in the eurozone was down by 3.7%. Industrial output is particularly important in the eurozone, not least in Germany, Europe's largest economy, where output rose by a monthly rate of 0.1%. Though the increase in Germany was a turnaround from big falls in the previous two months, it's clear that the country's high-value exporters, such as its major car manufacturers, are struggling in a tough European marketplace. (More eurozone stories.)