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Germany's Industrial Output Falls Unexpectedly

Germany's industrial production declined unexpectedly in July, data from Destatis showed Friday.

Industrial production fell 0.6 percent in July from June, confounding expectations for an increase of 0.3 percent. Nonetheless, the pace of decline slowed from the 1.1 percent fall posted in June.

On a yearly basis, industrial production was down 4.2 percent versus June's 4.7 percent decrease.

Excluding energy and construction, industrial production fell 0.8 percent on month. Energy production dropped 1.3 percent, while construction output grew 0.2 percent.

Another report from Destatis showed that labor cost advanced 0.8 percent sequentially, taking the annual growth to 3.2 percent in the second quarter.

Labor costs consist of gross earnings and non-wage costs. In calendar adjusted terms, the costs of gross earnings rose by 3.2 percent year-on-year and non-wage costs were up 3.3 percent.

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