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The German Federal Statistics Office announced that German industrial orders fell by 3.7% in October, down from the revised 0.7% in the previous month, and far worse than the 0.2% growth expected by analysts surveyed; however, excluding bulk orders, industrial orders in October fell by 0.7%. Orders actually increased by 0.7% compared with the previous month.
Data show that new orders in key industries including metal products, electronic products and the automotive industry all decreased that month, with machinery and equipment orders in particular falling by 13.5%; new orders from August to October combined dropped by 4.6% compared with the period from May to July. .
Commerzbank economist Solven pointed out that companies prioritize digesting backlogs of orders in response to the decrease in new orders. But in the long term, companies may have to reduce production, which means the German economy may continue to shrink this winter.
(Source: Sin Chew Daily Picture source: freepik)
