German Industrial Orders Drop 3.8% in April as Euro Zone Demand Slumps 11.1%
Updated
Updated · Reuters · Jun 8
German Industrial Orders Drop 3.8% in April as Euro Zone Demand Slumps 11.1%
3 articles · Updated · Reuters · Jun 8
Summary
German industrial orders fell 3.8% in April, a steeper drop than the 2% decline economists expected after March’s surge.
March orders were revised to a 4.5% gain, and economists said companies had pulled forward purchases amid fears the Iran war would lift prices, leaving weaker demand in April.
Foreign orders drove the decline, dropping 4.2% overall as euro zone demand sank 11.1%, while domestic orders fell 2.9%; excluding large orders, bookings still dropped 3.8%.
Over the broader trend, orders from February through April were 3.1% lower than in the previous three months, and Commerzbank said Middle East uncertainty could keep dampening demand and push Germany’s economy into second-quarter contraction.