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July 14, 2020, 5:12 a.m. EDT

Eurozone industry has record rebound

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The eurozone’s factories had the largest increase in output on record in May as governments eased lockdowns designed to limit the spread of the new coronavirus.

The European Union’s statistics agency said industrial production–which also includes the output of utilities and mines–was 12.4% higher than in April, the largest increase in a single month since records began in 1991.

However, the rebound wasn’t large enough to fully reverse the declines in output recorded in March and April, leaving production 19% lower than it was in February, the month before lockdowns became widespread.

Across the currency area, Italy experienced the largest rise in output, a 42.1% increase from April. But it also had the largest declines in February and March.

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