The euro area began the second half of the year with a monthly slump in industrial production, adding to signs that manufacturing will keep weighing on economic growth.
Output fell 1.1% in July, exceeding the 0.9% drop that forecasters had estimated in a Bloomberg survey. The drop from a month earlier erased all gains made throughout the second quarter.
Without that fillip, more factory weakness might raise the prospect of the region as a whole suffering another contraction. That would be in line with the drop in overall output that economists now anticipate for Germany, Europe’s biggest economy. The industrial report out on Wednesday is one of the final pieces of data that European Central Bank officials will see as they determine whether the strength of consumer prices is such to warrant another interest-rate hike, or to pause tightening to avoid further damage to growth.
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