Record long upswing of US economy continues into 2020. Only temporary rise in headline inflation in the Eurozone. Cyclical trough in Swiss unemployment rates is behind us.
Chart of the month
While the French are fighting the pension reform these days, they could also be celebrating their ongoing economic resilience: Three out of the four largest eurozone economies saw their industrial production (excluding construction) declining in October, the notable exception being France. German industrial production took the greatest hit (-1.5%), declining to below 2014 levels. This weak data print shows that Germany's industrial sector remained in contraction going into the fourth quarter of 2019. On the brighter side, recent soft indicators have shown signs of stabilisation at low levels. Overall, we remain more cautious regarding 2020 economic growth prospects for Germany compared to France.