- Howard Archer, chief UK and Eurozone economist at IHS Global Insight
The 19-nation bloc's industrial production demonstrated a contraction in September, even though output from manufacturers, mines and utilities improved in general, the European Union's data office Eurostat showed. The Euro area's output slipped 0.3% on a monthly basis in September, while economists had projected a decline of 0.1% month-on-month. In August production fell 0.4%, whereas in July it rose 0.7%. Measured on an annual basis, industrial production across the Euro zone jumped up 1.7% in September, after an increase of 2.2% in August. The figure was not in line with analysts' expectations of a 1.3% gain. The biggest drop was recorded in the production of durable consumer goods, which fell 3.9% on month. Output of non-durable consumer goods, like for instance food or toiletries, also dipped by 1%, the first time since July.
Meanwhile, European Central Bank President Mario Draghi stated at the Committee on Economic and Monetary Affairs on Thursday that ECB policymakers would consider a revision of the monetary policy in the Euro zone at their next meeting in December. The head of the ECB's rather cautious remarks in regards to inflation resulted in a weaker trade for the Euro against the US Dollar and the British Pound.
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