Industry slows in Germany and Ireland
Germany and Ireland both reported lower levels on industrial production for August, although the impact on the two economies will be dramatically different as Europe's giant pushes closer to recession.
The Central Statistics Office data released yesterday showed that industrial production had slowed in the three months ended in August from the prior three months and from August 2018, although the series is extremely volatile.
The production index stood at 98.3 at the end of August down from 105.9 in August 2018 and the three-month average dropped to 97.0 from a reading of 103.1 in the March to May period.
Recent survey data has indicated that manufacturing here has started to slow, as it has in most of the rest of Europe. AIB's Manufacturing Purchasing Managers' Index showed a fourth consecutive month of weaker growth in September, something the bank said had started to feed into weaker hiring in industry.
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