German factory orders fall for third straight month
Factory orders in Germany unexpectedly fell in July, declining by their most in six months, following a significant drop in transport orders.
Source: Sharecast
Price-adjusted new orders in manufacturing fell by 2.9% in July after seasonal and calendar adjustments, according to the Federal Statistical Office (Destatis).
That was the third straight decline after a revised 0.2% decrease in June, missing the 0.5% increase expected by economists. This was the steepest fall since January.
New orders for aircraft, ships, trains and military vehicles sank by 38.6% over the month, pulling back after a high volume of large-scale orders were recorded in June, while electrical equipment orders fell 16.8%. That offset the 6.5% increase in automotive industry orders.
New orders for capital goods and intermediate goods fell 2.4% and 5.3%, respectively, while new orders for consumer goods increased 4.3%.
When large-scale orders are excluded, new orders were actually 0.7% higher in July.
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