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Euro zone industry output rebound disappoints

Euro zone industrial production rose in June - but the rebound from previous record drops was below expectations for a second straight month.

Official figures out on Wednesday (August 12) showed that manufacturing output in the 19-country currency bloc rose by 9.1 per cent in June compared to May.

That's lower than the 12.3 per cent growth seen in the previous month.

The manufacturing output increase was driven by a surge in production of durable goods such as cars or fridges - in what could be seen a positive sign of consumer confidence.

But the lower growth for June is a concern - and is less than the 10 per cent growth predicted by economists in a poll by Reuters.

The May reading had also disappointed economists, who'd been expecting a 15 per cent rise.

Compared with last year, manufacturing output tumbled by 12.3 per cent in June.

That's a bigger drop than market expectations of an 11.5 per cent fall, and a sign manufacturing is still far from having recovered.

However, the year-on-year drop was less pronounced than in May and April, confirming a gradual rebound.