Four consecutive months of rise in both the U.S. and Europe Leading Indicators signal potential recovery and expansion of the industrial sector in the first half of 2021. U.S. and Germany Industrial Production have seen some positivity as well, although rising COVID-19 cases in both countries could present challenges to this.
Agricultural machinery production has seen some increases but were down compared to the previous year in both the U.S. and Europe. Near-term recovery is currently anticipated for Europe while declining U.S. exports are likely to contribute to downside pressure into early 2021.
NOTE: All data for charts supplied by ITR Economics