Euro area industrial production jumps in May

Industrial production in the single currency bloc jumped in May, led by increased manufacturing of capital goods.

Total output increased by 1.3% month-on-month, according to Eurostat, easily besting economists' projections for a rise of 0.6%.

Versus the year-ago month, industrial production accelerated from a 1.2% clip in April to 4.0% for May.

Capital goods output rose by 2.3% on the month, more than reversing the prior April's 1.1% drop. Year-on-year it grew by 5.5%.

Production of durable consumer goods also picked-up significantly, growing by 1.8% while that of non-durable ones was 1.2% ahead.

Energy output on the other hand came off, rising by just 0.9% after an increase of 3.8% in the previous month.

Activity picked up in all the main economies and markedly so in many cases.

In comparison to the previous month, German production grew by 1.4%, in France by 1.9%, in the Netherlands by 1.0% and in Spain by 1.6%.

Italian industrial production also grew, rising by 0.7% after having shrunk 0.5% in April.