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Eurozone industrial production unexpectedly declines in July

Seasonally adjusted industrial production in the eurozone unexpectedly declined 0.4% month over month in July after a revised 1.4% drop in June, Eurostat said.

The Econoday consensus estimate was for a 0.2% monthly rise in July.

On a monthly basis, production of non-durable consumer goods decreased 0.8% while that of durable consumer goods rose 1.2%. Meanwhile, energy production and intermediate goods' production fell 0.7% and 0.3%, respectively, while capital goods' production went up 1.8%.

On a yearly basis, eurozone industrial production decreased 2.0%, led by a 3.4% drop in capital goods' production. Production of intermediate goods declined 3.0%, while that of non-durable consumer goods and durable goods rose 1.5% and 1.8%, respectively.

The European Central Bank is due to announce its monetary policy decision later today.