Financial News: Eurozone Industrial Production Recovers In July

Eurozone Industrial Production Recovers In July

(RTTNews) - Eurozone industrial production recovered at a moderate pace in July due to the rebound in consumer and capital goods output amid higher tariff threats, official data showed Tuesday.

Industrial production registered a monthly growth of 0.3 percent, in contrast to the 0.6 percent decrease in June, Eurostat reported. However, the rate was slightly weaker than the forecast of 0.4 percent.

Among main industrial grouping, production of non-durable consumer goods expanded the most in July, up 1.5 percent. This was followed by a 1.3 percent rise in capital goods and 1.1 percent increase in durable consumer goods output. Intermediate goods production rose only 0.5 percent.

Meanwhile, energy output provided the negative contribution in July with a monthly fall of 2.9 percent.

On a yearly basis, growth in industrial output more than doubled to 1.8 percent from 0.7 percent in June.

Industrial production in the EU27 gained 0.2 percent month-on-month in July and climbed 1.8 percent from the previous year.

The highest monthly increases were recorded in Croatia, Hungary and Slovenia, while Estonia, Malta and Sweden reported the largest decreases in July.

Another report from Eurostat showed that labor cost increased at a faster pace in the second quarter. Hourly labor cost grew 3.6 percent in the second quarter from the previous year, faster than the 3.4 percent rise in the first quarter.

Among the two main components of labor costs, wages and salaries advanced 3.7 percent and non-wage costs moved up 3.4 percent.

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