French Industry Tumbles

French industrial output sank by more than 2 percent in October, reports Reuters:

PARIS, France (Reuters) -- French industrial
production sank unexpectedly in October, recording its biggest drop in more than six years and dealing a setback to government efforts to revive growth.

State statistics office INSEE said on Friday industrial output
fell 2.5 percent in October month-on-month, confounding economists' consensus forecast for a 0.2 percent increase. The previous biggest fall was a 2.6 percent drop in August 1999.

"I am flabbergasted," said Deutsche Bank economist David Naude. "This was completely unexpected."

"This collapse is not good news for growth in the fourth
quarter," added Nicolas Claquin, economist at HSBC.