German Industrial Orders Drop For Sixth Straight Month In May
(RTTNews) - Indicating a sharp slowdown in Germany’s industrial production, new orders fell for the sixth successive month in May on weak domestic demand.
Friday, the latest report from the Federal Ministry of Economics and Technology showed that seasonally as well as inflation adjusted industrial new orders fell 0.9% month-on-month in May. The decrease was unexpected as economists were expecting an increase of 0.8%. A year earlier, new orders had recorded 2.9% growth.
The ministry revised April’s monthly decrease to 1.7% from a 1.8% fall reported earlier.
Year-on-year, new orders declined 2% in May, after rising temporarily in April. According to data from the ministry, new orders rose 15.2% in April, revised up from an earlier estimate of 15%. For May, economists had expected 2% growth. In the same month last year, Germany had seen an increase of 7.5%.
According to the report from the ministry, domestic orders declined 2.7% month-on-month in May. Meanwhile, orders from overseas recorded an increase of 0.8%.
Orders from other euro-area countries increased 3.4%, while demand from the rest of the world fell 1.2%.
Earlier in the week, the latest Markit/BME manufacturing PMI also had signaled a moderation in output growth and slower job creation at the end of the second quarter. The PMI reading dropped to 52.6 in June from 53.6 in May.
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