By Paolo Pizzoli, Senior Economist, EMU, Italy, Greece
The small production rebound is unlikely to signal the start of a turnaround, in our view. September confidence and Purchasing Managers' Indices data point to renewed weakness ahead, possibly fuelled by soft demand for investment goods
Small rebound in seasonally adjusted production in August, but calendar adjusted in contraction
Having contracted both in June and July, seasonally adjusted ((SA)) industrial production posted a modest 0.3% month-on-month expansion in August (-0.8% MoM in July). The calendar adjusted ((CA)) measure, better suited to monitor the trend, posted another uncomfortably