Euro zone factory output drop worse than feared2021|00:49
Euro zone industrial output dropped more than expected in May. Slowing output of consumer goods was to blame, with production of food and clothes both down. That saw the headline figure sink 1% on the month, five times more than the drop economists had forecast. Year-on-year, output was still massively up, as the number compares with the depths of the first lockdown in 2020. But the surge of just over 20% was lower than forecsast, and way down on April's figure. Production also dropped for capital goods, such as factory machinery, which could point to more declines ahead. However, there was better news on durable goods - that's things like cars and fridges. Production of those rose 1.6%.