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- German factory orders fall more than forecast in July
German factory orders fall more than forecast in July
The Federal
Statistical Office’s (Destatis) report revealed that new orders in the German manufacturing sector decreased by 2.7 percent m-o-m in seasonally terms in July, following an upwardly revised 2.7 percent m-o-m advance in June (originally a 2.5 percent m-o-m gain). That was the biggest monthly decline in factory orders since February.
Economists had forecast
a drop of a 1.5 percent m-o-m.
According to
the report, domestic orders fell by 0.5 percent m-o-m in July. Meanwhile, foreign
orders declined by 4.2 percent m-o-m as a 0.3 percent m-o-m gain in new orders
from the euro area was more than offset by a 6.7 percent m-o-m tumble in new
orders from other countries.
New orders for
intermediate goods decreased by 2.2 percent m-o-m in July, while orders for
consumer goods dropped by 2.4 m-o-m and the orders for capital goods declined
by 3.0 percent m-o-m.
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