Surprise drop in industrial production in October. It fell again by 0.8% after falling 1.2% in September. From his side, manufacturing production also decreases by 0.8% after declining 1.1% in September. Despite everything, the good performance observed in August saved the furniture: over the last three months, manufacturing output rose 2.6%. Over this period it has observed a strong rebound in metal and other metal products (+7.4%) and in automobiles (+14.1%). It has also increased in the manufacture of rubber products, plastic and other nonmetallic mineral products (+4.1%), manufacture of machinery and chemicals (4%).

However, through the last two months, rather bearish, suggesting that the destocking process finds no link with a recovery in demand.In addition, manufacturing output last three months is 10.4% lower production in the same month last year, which is hardly pleasing. "The truth is that no demand: our exports, especially to our neighbors in the European Union, are crumbling and the investment in the country continues to decline" Analysis and Alexander Law.

The situation in the automotive sector and is symptomatic. Despite a sharp increase in registrations due to the scrapping bonus, production slowed significantly in September in October, with a 5% drop in production in October, itself resulting from a fall of 8.1% in September. After a period of destocking, manufacturers are reluctant to turn back to their full production lines, especially with the planned termination of premiums.