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And here's Chris Williamson of Markit (whose PMI surveys have been very positive recently) "Weaker than expected output of the industrial sector and a surprise drop in construction industry output in November suggests fourth quarter economic growth could come in lower than the surveys are indicating.
BERLIN — A surprise fall in exports and near-zero growth in industry output in July suggested on Wednesday that the German industrial juggernaut may slow somewhat after building up record momentum earlier this year.
Construction industry output grew by 0.4%.
The statistics office Insee said that total industry output rose 1.5 percent from July.
Despite huge investments in agriculture, with one ruble in three going into agriculture and agriculture-related industry, output declined.
In real terms, after taking price increases into ac count, total industry output declined by 1percentnt.
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Industry outputs for which an industry technology assumption is made are proportional to the economy-wide outputs of each commodity whatever industry produces them.
However, agricultural production only accounts for 10% of GDP even though 35.4 billion dollars of exports herald from the agricultural sector and 66% of the light industry outputs are based on agricultural products (China 2008; National Bureau of Statistics of China 2010; World Bank 2014b).
Formally, industry outputs of commodities for which the commodity technology assumption is made, are proportional to the output of each industry: V 1 T = C 1 ( V 1 e ˆ ). and the market shares are denoted by V 2 = D 2 ∗ ( V 2 T e ˆ ).
JPMorgan's global all-industry output PMI fell to 50.3 in June from 52.1 in May, and showed that firms' order books across the world filled at a slower rate last month.
Many technological innovations replace workers with machines, but this capital-labor substitution need not reduce aggregate labor demand because it simultaneously induces four countervailing responses: own-industry output effects; cross-industry input output effects; between-industry shifts; and final demand effects.
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