Global Economic Analysis and News of Note: German Manufacturing Output Weakens In June
- Industrial production in Germany fell 1.1 percent from May 2017 to June 2017, but was still up 2.4 percent from June 2016. Manufacturing output was down 1.4 percent for the month while construction fell one percent. Analysts had forecasted a 0.2 percent rise in overall production in June. Bloomberg called the decline a “blip” and said, “With strong orders pointing to a likely pickup in manufacturing, the report is unlikely to mark a turning point for the German economy.”
- According to American Metal Market (subscription required), the International Stainless Steel Forum announced last week that global crude stainless steel production increased 14.5 percent from the first quarter of 2016 to the first quarter of 2017. Production in China jumped 19.4 percent.
- Exports of finished steel products from China increased 2.2 percent from June 2017 to July 2017, but were down 32 percent from July 2016 to July 2017. Exports from China of unwrought aluminum and aluminum products, meanwhile, fell four percent from June to July, but increased 12.8 percent year-over-year.