To put it nicely.

German industrial output posts biggest decline in more than three years – German industrial output fell much further than expected in August, pushed down by a sharp decrease in car production as frontloaded demand ahead of U.S. tariffs dried up.

Industrial production fell by 4.3% compared with the previous month, the federal statistics office said on Wednesday, the biggest fall since March 2022, just after Russia’s invasion of Ukraine. Analysts polled by Reuters had predicted a 1.0% fall.