September 6, 2017 / 6:03 AM / 3 months ago

German factory orders fall unexpectedly in July

BERLIN, Sept 6 (Reuters) - German industrial orders fell unexpectedly in July on weak domestic demand while bookings from abroad remained flat, data showed on Wednesday, suggesting that this sector of Europe’s largest economy could shift into a lower gear in coming months.

Factories registered a 0.7 percent drop in orders after contracts for ‘Made in Germany’ goods rose by a downwardly revised 0.9 percent in June, data from the Economy Ministry showed.

The reading for July undershot the Reuters forecast for a 0.3 percent rise.

A data breakdown showed domestic demand fell by 1.6 percent while foreign orders were unchanged. Excluding volatile bulk orders, orders rose by 0.6 percent in July, the ministry said.

“Order activity remains on a very high level,” it said. “In the past three months, German companies have registered nearly as many orders as they did before the outbreak of the economic and financial crisis in 2008.”

Orders and sentiment indicators were pointing to a continuation of the solid upswing in the sector, the ministry added. (Reporting by Michael Nienaber; Editing by Madeline Chambers)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below