German May factory orders in shock fall
German factory orders posted a shock fall in May, highlighting the troubles faced by Europe’s manufacturing sector.
Demand fell 1.6% from the prior month and 8.6% year on year, the economy ministry said on Thursday. Analysts had forecast a rise of 0.5%.
“Together with the recent deterioration in business expectations in the manufacturing sector, the continuing decline in orders points to rather subdued momentum in industry in the coming months,” the Economy Ministry said. “Orders are only likely to stabilise once global trade continues to recover and demand for industrial products gradually picks up.”
Reporting by Frank Prenesti for Sharecast.com