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Industrial output across the eurozone was nevertheless 2.1 percent lower than the same month the previous year. That was slightly worse than July's equivalent 1.9 percent decline. The sector is still around 12.5 percent smaller than before the global financial crisis erupted in 2008. "Policymakers will be encouraged by the ongoing recovery trend, but will be reminded of the huge surplus of capacity that persists compared to before the crisis struck, which means any growth is unlikely to ring inflationary alarm bells for quite some time," said Chris Williamson, chief economist at financial information company Markit.
[Associated
Press;
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