Rolling coverage of the latest economic and financial news, as German industry continues to struggle badly
- Latest: UK house prices up 1% in November
- Introduction: German industrial output slumped in October
- Output -5.3%: worst since 2009
- Recession fears are rising after ‘disastrous’ data
- Coming up: US jobs report at 1.30pm GMT
If you’re just tuning in, here’s Associated Press’s take on this morning’s weak German factory data:
October factory production dropped in Germany over the previous month in another sign the economy, Europe’s largest, is struggling.
The Federal Statistical Office reported Friday that industrial production fell 1.7% in October over September when adjusted for price, seasonal and calendar factors. It was down 5.3% over October 2018.
Sébastien Desreumaux, CEO of Eddie Stobart, says the firm can now crack on with shifting goods around the UK in the big Christmas rush:
“The Proposed Transaction provides Eddie Stobart with the opportunity to move forward and look to deliver sustainable growth and profitability from a stable footing.
Our main priority and focus is now continuing to deliver the high levels of services expected by our customers as we move into the busy Christmas period.”