Toll Index in July – German Production holding up

The Toll Index in July (just published by the IDSC of IZA) continues to point to a bounded slow down of German Industrial Production at worst. The only component with a loss is the number of outbound vehicles which dropped by 3.2% compared to June but gained 1% compared to July 2011. All in all we see a picture of a contained production slow down which is quite remarkable considering the ambient picture in the rest of the world.

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