France's manufacturing production recorded a sharp fall (-2.5% mom, -2.8% yoy). The numerous and fluctuating bank holidays distrubed the country's industrial output in May. Last year, three bank holidays fell on a Thursday, resulting in many SMEs keeping their business closed the following day.
This year, although four bank holidays occurred in May, only one fell on a Thursday and, like last year, likely led to an extended weekend. Therefore, Societe Generale estimates that industrial production should decrease by 1% mom in May but increase by 1.1% yoy.
