As in June, eurozone industrial production declined in July by 0.1% from the previous month. This serves as a reality check for manufacturing after a surprisingly decent start to the year After a weak January, eurozone industrial production grew for four months in a row despite the Middle East crisis and higher energy prices. A boost from European industry's relative comparative advantage over Asia helped a surprisingly resilient production recovery. Besides that, extra defence spending efforts are helping certain manufacturing sectors more structurally. But the recovery has paused in recent months. The latest industrial production figures are hardly disastrous, but they do underline a picture of lost momentum. Production in the eurozone fell by 0.
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