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India's Industrial Output Surges


India's industrial production has increased at its fastest pace in 16 months, another sign that Asia's third largest economy is pulling out of the international financial crisis.

The government statistics agency said Wednesday that manufacturing output surged 7.8 percent in June from a year earlier.

The 16 nations using the euro as their currency have not done as well. Eurozone industrial output fell 17 percent in June, compared to last year.

Job cuts and a shorter supply of bank loans has weakened consumer demand, depressing Europe's industrial output.

Data released in London Wednesday showed Britain's unemployment rate has hit a 14-year high, with 2.43 million people out of work.

The number of jobless increased by 7.8 percent (220,000 jobs) in the three months to June.


Some information for this report was provided by Bloomberg, AFP, AP and Reuters.

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