Before You Get Too Excited About The European Economic Recovery...

Much of the recent data out of Europe has reflected that of an improving economy.

But today's industrial production numbers are a bit worrisome.

Industrial output in Italy unexpectedly fell 1.1% in July, missing expectations for a 0.3% increase.

Industrial production across the 17-nation eurozone fell 1.5%, which was worse than the 0.3% decline expected.

Market strategists have been recommending European stocks as a way to play the global recovery. Today's numbers may give prospective investors some pause.

Here's a historical chart from Markit's Chris Williamson.