- Prior +1.2%; revised to -0.1%
The report here is much worse than what the headline suggests, with a massive downside revision to the May estimate as well. The further decline in output in June now sees production in the manufacturing sector reach its lowest level since May 2020. Ouch. On the sharp revision lower to May, the German stats office notes that this is due to “corrective reports from some companies in the automotive industry”. The only saving grace once again is that this pertains to Q2 data, so markets have largely moved on from that already.
This article was written by Justin Low at investinglive.com.