Eurozone August industrial output falls 1.1% y/y, missing 0.1% growth forecast

The swing from flat output to outright contraction, against a forecast of modest growth, points to a factory sector losing momentum rather than merely plateauing. That matters for euro-area growth expectations and for how the ECB weighs persistent weakness against inflation. The open question is whether this is a one-month distortion or the start of a broader industrial downswing; the next reading should clarify.