Forex News – Italy’s industrial production falls in October

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Italy’s industrial production decreased by more than expected compared to last year in September, data released by statistical office Istat showed today.

Industrial production, excluding construction, dropped a working-day adjusted 4.2 percent year-on-year in October, contrary to economists’ forecast for a 2.0 percent decrease. In September, production contracted 2.7 percent annually.

Month-on-month, industrial output decreased a seasonally adjusted 0.9 percent in October, faster than the 0.4 percent decline economists expected. This new data was slightly improved from September’s 4.6 percent drop.

The industrial output data measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.

It is a leading indicator of economic health since production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.

EURUSD fell after the data at 09:00 GMT from 1.3442 to 1.3419.