The recession in the euro-zone industrial sector has become even more severe. Production dropped by a further 1.6% m/m in November, leaving the annual growth rate at a record low of -7.7%. What’s more, the industrial surveys suggest that there is much worse to come and output could soon be falling at alarmingly rapid annual rates of close to 15%. Even if the consumer sector held up relatively well, which now looks doubtful, such a severe downturn in the industrial sector points to a nasty recession in the economy as a whole.
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