According to the Federal Statistical Office [1], output in the goods-producing sector declined slightly by 0.1% in price-, calendar- and seasonally adjusted terms [2] in November as compared to the previous month. The October figure (revised upwards) had been an increase of 0.6%. The slight fall in November was due to the weakening in output in the construction sector (-0.6%) and lower energy generation. Industrial output expanded by 0.3%. The industrial sector produced more capital and consumer goods (+0.5% and +0.6% respectively) and slightly less intermediate goods (-0.1%).
In the two-month comparison [3], output in the goods-producing industries rose by 1.0%. A slight fall in the construction sector of 0.1% contrasted with a 1.2% rise in industrial output. However, the effects of public holidays contributed to this.
Output in the goods-producing industries has turned the corner. In the construction sector, the final quarter of the year is expected to have seen a renewed fall. In industry, in contrast, the third rise in output in succession suggests a return to a moderate upward trend.
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[1] Press release by the Federal Statistical Office of 9 January 2015.
[2] Preliminary data; Census X-12-ARIMA seasonal adjustment method.
[3] Average of the last two months compared with the two months previous to this.
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