German Industrial Orders Post Surprise Decline in July
German industrial orders unexpectedly dropped in July, driven mainly by a fall in large-scale orders, according to official data released on Friday.
Orders fell 2.9% month-on-month on a seasonally and calendar-adjusted basis, the federal statistics office reported. Analysts in a Reuters poll had expected a 0.5% increase, making the decline a notable surprise.
Underlying Demand Remains Stable
Excluding large-scale orders, new orders actually rose 0.7% compared to June, showing that underlying demand in the manufacturing sector remains more resilient.
A less volatile three-month comparison also painted a steadier picture. From May to July, orders were 0.2% higher than in the previous three-month period.
June Data Revised
The statistics office also revised June’s figures. Instead of a 1.0% fall, orders were adjusted to show only a 0.2% decline. The revision came after updated data from a major automotive company.
