Euro area industrial production did not move in June, and the flat reading sits on a 1.4 percent fall in capital goods against a 3.0 percent rise in non durable consumer goods

The word in the title of the release is stable. The table underneath it is not.

Euro area industrial production was unchanged in June against May, and output in the wider European Union rose 0.2 percent, on first estimates published by Eurostat on Thursday. In May both had risen 0.3 percent. Measured against June a year earlier, the euro area is up 0.1 percent and the EU up 0.6 percent.

Now the components. In the euro area, capital goods fell 1.4 percent on the month and intermediate goods fell 0.8 percent, while non durable consumer goods rose 3.0 percent, energy rose 1.5 percent and durable consumer goods rose 0.3 percent. The zero is what those five produce together.

The EU pattern is the same shape and smaller: capital goods down 0.9 percent, intermediate goods down 0.7 percent, non durable consumer goods up 2.5 percent, energy up 1.0 percent, durable consumer goods up 0.9 percent.

The country spread

Wide. Denmark rose 5.4 percent on the month and Croatia 5.2 percent, with Lithuania and Finland both at 2.1 percent. At the other end Luxembourg fell 10.7 percent, Portugal 3.9 percent and Estonia 2.2 percent.

The four largest euro area economies produced almost nothing between them. Germany rose 0.2 percent, France was flat, Spain fell 0.7 percent and Italy fell 1.0 percent.

Over twelve months the ranking changes hands. Lithuania leads at 7.7 percent, then Denmark at 6.1 percent and Poland at 4.9 percent, while Luxembourg is down 7.9 percent, Romania down 5.6 percent and Estonia down 4.6 percent.

Where the series has been

The EU monthly row in the release runs minus 1.1 percent in January, then plus 0.3, plus 0.8, plus 0.2, plus 0.3 and plus 0.2. That is five increases in a row after the January fall. The euro area row is flatter: minus 1.0, then plus 0.3, plus 0.4, plus 0.3, plus 0.3 and zero.

The figures are calendar and seasonally adjusted, from dataset sts_inpr_m, and they are first estimates.