German industrial production rises strongly in August
German factory production increased strongly in August, helping alleviate fears of a slowing economy in the third quarter.
The Economy Ministry said Friday that industrial production rose 2.5 percent in August over July, according to season- and calendar-adjusted figures.
The increase follows a 1.5 percent drop in July over June, giving rise to renewed optimism about the strength of Europe's largest economy.
ING economist Carsten Brzeski says the "strong industrial data take away some growth concerns for the third quarter."
Still he said other potential problems still loom large, noting Deutsche Bank and other financial institutions' recent struggles, as well as ongoing angst over the effect of Britain's decision to leave the European Union.