France: Strong November industrial output - BBH

In view of the analysts at BBH, France reported a strong November industrial output figure that will help boost expectations for Q4 GDP, and the aggregate Eurozone industrial production when reported later this week.  

Key Quotes

“French industrial output was up more than four-times what the Wall Street Journal survey expected.  The 2.2% gain follows two contracting months and declines in five of the past six months.”

“Manufacturing was particularly strong with a 2.3% month-over-month increase.  Gains were broad based but especially strong in coking and refining (6.3%), transportation materials (3.4%), and agriculture (1.3%).  Construction was an exception.  The data, on balance, is unlikely to change the political climate, where the first round of the presidential election is still a few months away.  Still, it is important to recognize that the political surprises last year were in two major economies (the UK and the US) that have generally fared among the best since the financial crisis, and were experiencing what economists believe to be near full employment.”