German industrial production falls again in July as struggles continue

(Sharecast News) - German industrial production fell again in July as manufacturing in Europe's largest economy continued its struggles to recover from high inflation and costs. Production fell by 0.8% in July compared to the previous month, led by capital and consumer goods. Analysts had forecast of a 0.4 - 0.5% decline.

On a three-month comparison, production between May and July was 1.9% lower than in the previous three months, the data showed.

Industrial production (manufacturing excluding energy and construction) fell 1.8% in July compared to June, while the production of capital goods fell by 2.9% and the production of consumer goods decreased by 1.0%.

The data comes a day after July data showed that factory orders plunged by their biggest margin since the height of the Covid pandemic in 2020.

Reporting by Frank Prenesti for Sharecast.com