German factory orders fell 5.7% between July and August, worse than 2.5% decline expected by economists. Orders are down 1.3% from August last year. It’s the worst single-month drop since the beginning of 2009. Export orders were worst hit, and that matches the business surveys that suggest there’s been a knock-on effect from the war in Ukraine. But domestic orders also dropped 2% from July. That’s following the latest manufacturing business survey, which indicated that the sector is now shrinking. In a note this morning, Claus Vistesen at Pantheon Macroeconomicss said: “In one line: Grim, as manufacturing slowdown deepens.” …read more
Source: Business Insider
