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French, Italian industrial production overshoot expectations in August

Industrial production in France and Italy both grew faster than expected in August on a monthly basis, official data from the two countries showed Oct. 10.

Total industrial output in France edged up 0.3% month over month in August, higher than the Econoday consensus estimate of a 0.1% rise, but slowing down from the upwardly revised 0.8% increase in July, the country's National Institute of Statistics and Economic Studies said.

Output in the manufacturing industry increased by 0.6% month over month in August after a 0.5% rise in July, driven by a rebound in the other manufacturing segment, which includes chemicals and fabricated metal products, rising 1.4% after sliding 0.6% in the prior month. The output in manufacturing of food products and beverages also recovered, increasing by 0.5% after falling by 1.0% in July.

Machinery and equipment goods output, on the other hand, slowed to a 1.0% monthly growth in August from 2.2% in July, while output in manufacturing of transport equipment contracted by 2.4% following a 4.3% expansion in the previous month.

On a year-over-year basis, total industrial output climbed 1.8% and manufacturing output went up by 1.9%.

Meanwhile, Italy's seasonally adjusted industrial production index rose 1.7% month over month in August, markedly higher than the Econoday consensus estimate of a 0.8% increase, after a revised 1.6% decline in July, the country's National Institute of Statistics said.

The index dipped 0.2% in the three months to August from the previous three-month period.

After calendar adjustments, industrial production in Italy decreased by 0.8% in August from the prior year. Output climbed 1.8% in the first eight months of 2018 from the year-ago period.