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U.S. industrial production was a bit disappointing in July, and from the chart below we can see that production growth has been slowing for the past few months.

But that slowing is more than offset, from a global perspective, by a surge in German industrial production and some gradual improvement in eurozone industrial production. The eurozone appears to be coming out of its two-year recession, and that is good news for Europeans -- and for the world.

Source: Industrial Production Slows In The U.S., Picks Up In Europe