German Industrial Production Rises

German industrial production unexpectedly rose for a third month in December, led by output of consumer goods and construction, underpinning expectations that a recovery in Europe's largest economy is gaining pace, according to Bloomberg News. Production at factories, construction sites, utilities and mines gained 0.6 percent from November, when it increased a revised 0.8 percent, the Economy and Labor Ministry said in Berlin. Economists had expected a drop of 0.3 percent, the median of 34 forecasts in a Bloomberg News survey showed. The increase in production and orders suggests that the recovery in Germany, which relies on exports for one third of gross domestic product, hasn't yet been harmed by the euro's 16 percent increase against the dollar in the past year.