German Factory Orders Show Surprise Drop on Mixed Recovery
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Factory orders for Europe's strongest economy pointed to a still-mixed global economy.
For August, German factory orders fell 0.3 percent from July, when orders dropped by a revised 1.9 percent. Economists were looking for an increase of 1.1 percent. After adjusting for working days, orders climbed 3.1 percent over the same period last year.
Domestic orders improved 2.2 percent in August, while foreign orders slipped 2.1 percent. Consumer goods demand ebbed 0.4 percent as basic-goods saw orders increase 0.5 percent over the prior month.
Investment-goods orders fell 0.7 percent last August as euro-area demand fell 9.2 percent and domestic demand improved 4.7 percent.
German exports rose 1.0 percent, reversing a 0.8 percent decline in July, and imports improved 0.4 percent. Germany's trade surplus narrowed to €13.1 billion in August, from €16.2 billion in July.
For August, German factory orders fell 0.3 percent from July, when orders dropped by a revised 1.9 percent. Economists were looking for an increase of 1.1 percent. After adjusting for working days, orders climbed 3.1 percent over the same period last year.
Domestic orders improved 2.2 percent in August, while foreign orders slipped 2.1 percent. Consumer goods demand ebbed 0.4 percent as basic-goods saw orders increase 0.5 percent over the prior month.
Investment-goods orders fell 0.7 percent last August as euro-area demand fell 9.2 percent and domestic demand improved 4.7 percent.
German exports rose 1.0 percent, reversing a 0.8 percent decline in July, and imports improved 0.4 percent. Germany's trade surplus narrowed to €13.1 billion in August, from €16.2 billion in July.
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