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Parts of Germany were hit by a long stretch of hot, dry weather last July that impacted outputs. Photo: Sean Gallup/Getty Images

Germany's industrial output unexpectedly fell in November, which may mean that its economy entered into a technical recession at the end of last year, Bloomberg reports.

Why it matters: Europe's largest economy had already cut its growth expectations by a third, announcing in December that it expected the economy to grow by just 1.5% in 2018.

  • "The decline ... was broad-based and led by consumer goods and energy. Output was down 4.7 percent year-on-year, the most since 2009," Bloomberg's Carolynn Look writes.
  • The data "has clearly increased the risk of a technical recession in Germany in the second half of 2018,” said Carsten Brzeski, chief economist at ING Germany.

Go deeper: 2019 could be worst year for economy since '08

Go deeper

Updated 11 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden has arrived at the White House and he will sign executive orders and other presidential actions.

39 mins ago - Podcasts

Podcast: After the Biden inaugural

Joe Biden was sworn in today as America's 46th president in an inauguration unlike any other in modern history.

Axios Re:Cap goes deeper into the speech, the atmosphere and what it all tells us about the incoming administration, with Axios political reporters Hans Nichols and Alexi McCammond.

Biden embarks on a consequential presidency

Photo illustration: Sarah Grillo/Axios. Photo: Joe Raedle/Getty Images

Donald Trump tried everything to delegitimize the rival who vanquished him. In reality, he's set Joe Biden on course to be a far more consequential U.S. president than he might otherwise have become.

The big picture: President Biden now confronts not just a pandemic, but massive political divisions and an assault on truth — and the aftermath of the assault on the Capitol two weeks ago that threatened democracy itself.