Monday, January 24, 2011

Global industrial production recovery continues

Eurozone industrial activity increased at a very healthy pace in November, with industrial orders up 2.1%. As this chart shows, Eurozone industrial production was up 1.2%, and it has risen 7.3% for the past year. As EconomPic notes, the relatively strong rebound we have seen in Europe and in the U.S. is still in the nature of a recovery from the catastrophic 2008 slump—production is still well below prior highs. But it is an impressive recovery nonetheless, especially since two years ago hardly anyone expected the global economy to be as strong as it is today.

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