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French Industry Stumbles as Production Unexpectedly Drops 0.8%

  • Annual output decline is biggest since November 2014
  • Confidence surveys suggest some pickup later in quarter

French industry entered the third quarter on a far weaker footing than anticipated, with production unexpectedly falling the most in three months.

The 0.8 percent plunge is in contrast to the 0.2 percent increase forecast by economists in a Bloomberg survey. In its report on Thursday, the statistics office said output also dropped 0.8 percent on an annual basis, the most since late 2014. Manufacturing output fell 1 percent on the month.