Data released today (Wednesday) shows that Industrial
Production in Europe continues to decline, with this latest month's data sharply
below that presented in July of 2008, as shown on the graph below.
As you can see, after
a minor rebound from the lows in 2009, production has been in decline from March
of 2010…mirroring the pattern leading up to the deeply depressed lows
throughout much of 2009. This is reflective of the unemployment and recessionary conditions currently prevalent
in Europe. The LTRO 1 & 2 cash injections by the ECB have not had a
(lasting) positive impact in this particular segment of Europe's economy.
European markets are currently down at the time of my writing this post.
