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Deckard

European April Industrial Production Declines By Record 21.6%

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http://www.bloomberg.com/apps/news?pid=206...id=aolTh5ZZYoSY

June 12 (Bloomberg) -- European industrial production dropped by the most on record in April as the worldwide recession ravaged demand for goods.

Production in the euro region plunged 21.6 percent from a year earlier, the most since the data series started in 1986, the European Union’s statistics office in Luxembourg said today. Economists expected a 19.8 percent decline, according to the median of 14 estimates in a Bloomberg News survey. From March, output declined 1.9 percent.

...

“The region has simply been hammered by the downturn in global demand and hampered by the run-up in the euro,†said Peter Dixon, an economist at Commerzbank AG in London. “We see interest rates on hold right through next year. The euro zone has been especially badly hit compared to the more service- oriented economies of the U.K. and the U.S.â€

Production of durable consumer goods such as washing machines in the 16-member euro region declined an annual 22.4 percent in April, and output of capital goods such as factory machinery dropped 26.7 percent, according to today’s report.

The euro’s 12 percent gain against the dollar since February is further hurting manufacturers’ prospects in the region. German plant and machinery orders declined the most on record in April, the VDMA lobby said last month.

Ah, but who cares when JCT keeps saying everything is fine in the Eurozone? :rolleyes:

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If the ECB ran monetary policy for the benefit of the Spanish economy rather than the German one, they wouldn't be in this mess.

I read somewhere that the global recession is worse than the 30s and America will not be so troubled as the 30s because they no longer make as much as they used to. It is the producer nations, rather than the consumer nations who will suffer the most in terms of GDP.

I have no view on its truth or otherwise, but it is an interesting POV.

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Don't worry the UK recovery will help boost industrial production throughout Europe.

The UK is leading the way out of this mess Ponzi Brown says so.

More debt spending is the key to success and Brown understands this self evident truth.

Long live the recovery.

Long live Brown.

Vote Labour or the recovery will end because the Tories will cut spending.

Debt is wealth.

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I read somewhere that the global recession is worse than the 30s and America will not be so troubled as the 30s because they no longer make as much as they used to. It is the producer nations, rather than the consumer nations who will suffer the most in terms of GDP.

I have no view on its truth or otherwise, but it is an interesting POV.

Herr Grupenfuhrer Brown is borrowing money on our behalf to fund the recovery, what this means is that as a consumer nation we will pull the Eurozone train out of recession by borrowing billions to pay for imported goods and services. In other words more of the same Brownite economics of spending your way into bankruptcy and borrowing your way out of recession.

Its your money he is spending by the way, anmd you will paying it back for years and years and years and years and years.....................................................................and years...........................and years :(

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Don't worry the UK recovery will help boost industrial production throughout Europe.

The UK is leading the way out of this mess Ponzi Brown says so.

More debt spending is the key to success and Brown understands this self evident truth.

Long live the recovery.

Long live Brown.

Vote Labour or the recovery will end because the Tories will cut spending.

Debt is wealth.

That tells us so much about you, poff. ;)

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Herr Grupenfuhrer Brown is borrowing money on our behalf to fund the recovery, what this means is that as a consumer nation we will pull the Eurozone train out of recession by borrowing billions to pay for imported goods and services. In other words more of the same Brownite economics of spending your way into bankruptcy and borrowing your way out of recession.

+1

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It is the producer nations, rather than the consumer nations who will suffer the most in terms of GDP.

Well, Germany and Japan are utterly f@cked. So it's certainly true enough for them. China has averted disaster for the moment by spunking a third of it's wealth on a domestic stimulus programme which has no hope of working unless the west starts buying again.... So basically true for them too.

The manufacturing nations are far worse off than the services based economies this recession, thats undeniable.......

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