Industrial production drops in Germany in October

The Economy Ministry said Friday that industrial production dropped 0.5 percent in October over September after adjusting for seasonal and calendar factors. The drop erased modest gains made in the last two months.

Despite the decline, ING Economist Carsten Brzeski says the latest figures still "support modest optimism," noting that "German industry has at least not lost more momentum but instead is treading water."

The German economy shrank by 0.2 percent in the third quarter compared with the previous three-month period, due in part to bottlenecks in getting new cars certified under tougher emissions standards.

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