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🇪🇺 Factories are shrinking and Spanish prices won't budge, making the ECB's July 23 hold harder to wave through as routine
The day in view

🇪🇺 Factories are shrinking and Spanish prices won't budge, making the ECB's July 23 hold harder to wave through as routine

Macro Soup Newsroom Macro Soup Newsroom 4 min read

Eurozone industrial production fell 1.2% year-on-year in May, more than double the expected decline. Spain's CPI held at 3.2% ahead of the ECB's July 23 meeting, a mix that complicates the case for a cut or a hold.

Line chart of industrial production index (2021=100) for Euro area (yellow) and EU (blue) from 2021 to mid-2026.
Eurozone industrial production fell 0.2 percent month-on-month in May, missing forecasts and underscoring manufacturing weakness ahead of the ECB's July 23 rate decision. Source

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