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Sunday, 20 October 2019

Factory orders drop in Germany in sign of economic weakness

German factory orders, a leading indicator of the health of Europe's biggest economy, dropped strongly in July, erasing gains from the previous month

AP , Thursday 5 Sep 2019
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German factory orders, a leading indicator of the health of Europe's biggest economy, dropped sharply in July, erasing the previous month's gains.

The Federal Statistical Office reported Thursday that industrial orders dropped 2.7% in July from June when adjusted for seasonal and calendar factors, wiping out a 2.7% June increase.

Domestic orders dropped 0.5% while foreign orders fell 4.2% compared with June.

The Economy Ministry says ``ongoing growing international trade conflicts and restrained expectations from manufacturing businesses indicate no fundamental improvement in industrial growth in the coming months.''

Germany's economy contracted by 0.1% in the April-June period. It's expected to decline again this quarter, placing it in a technical recession.

ING economist Carsten Brzeski says the drop in orders ``doesn't bode well at all'' for the third quarter.

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