Latest data released by Destatis – 8 June 2021
- Prior +2.5%; revised to +2.2%
- Industrial production WDA +26.4% vs +29.5% y/y expected
- Prior +5.1%
The data is out via Bloomberg a little earlier than expected. But it reaffirms a similar story to the factory orders from yesterday, in that it misses on estimates and instead weakened in April as compared to what the PMI data suggests.
That might be an indication that there is still some slack and demand conditions aren’t entirely that robust but the market will turn a blind eye on this for now surely.
If this starts to spill over to the outlook for 2H 2021, then perhaps there may be cause for concern but for now, it can still be passed off.