{"id":3108,"date":"2010-11-10T09:56:37","date_gmt":"2010-11-10T09:56:37","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=3108"},"modified":"2025-03-27T15:49:09","modified_gmt":"2025-03-27T15:49:09","slug":"economic-news-deteriorating-in-eurozone-periphery","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=3108","title":{"rendered":"Economic news deteriorating in Eurozone periphery"},"content":{"rendered":"<p>Previous posts highlighted a widening monetary divergence within the Eurozone, with real narrow money M1 still growing solidly in &#8220;core&#8221; economies (i.e. Germany, France, Benelux and Austria) while contracting the &#8220;periphery&#8221; (Italy, Spain, Greece, Portugal and Ireland). The latter trend suggested renewed economic weakness that would undermine fiscal consolidation plans.<\/p>\n<p>Industrial output numbers for September are consistent with the theme, showing modest pay-back for August strength in the core but more pronounced weakness in the periphery. With several countries still to publish, core output probably fell by 0.5% on the month versus a 2% decline in the periphery. This would imply that peripheral output is now below its level six months ago &ndash; see first chart.<\/p>\n<p>With real M1 contraction accelerating, economic news in the periphery is likely to continue to worsen into early 2011.\ufeff<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/ind-output101110-1.gif?__SQUARESPACE_CACHEVERSION=1289383677809\" alt=\"\" \/><\/span><\/span><\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/ind-output101110-2.gif?__SQUARESPACE_CACHEVERSION=1289383691328\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Previous posts highlighted a widening monetary divergence within the Eurozone, with real narrow money M1 still growing solidly in &#8220;core&#8221; economies (i.e. Germany, France, Benelux and Austria) while contracting the &#8220;periphery&#8221; (Italy, Spain, Greece, Portugal and Ireland). The latter trend suggested renewed economic weakness that would undermine fiscal consolidation plans. Industrial output numbers for September [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3108","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3108"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3108\/revisions"}],"predecessor-version":[{"id":5417,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3108\/revisions\/5417"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}