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Financial News: German Factory Orders Unexpectedly Tumble In February

German Factory Orders Unexpectedly Tumble In February

04/04/2019 - 04:55:00 (RTTNews)

(RTTNews) - Germany's manufacturing orders decreased sharply in February, defying expectations for a modest increase, preliminary figures from the Federal Statistical Office showed on Thursday.

Factory orders dropped 4.2 percent month-on-month, while economists had forecast a 0.3 percent increase. January's decline was revised to 2.1 percent from 2.6 percent.

The February weakness in manufacturing orders was broad-based. Domestic orders decreased 1.6 percent and foreign orders fell 6.0 percent in February. Demand from the euro area declined 2.9 percent, and bookings from other countries shrunk 7.9 percent. Intermediate goods orders tumbled 0.9 percent and demand for capital goods fell 6 percent. Orders for consumer goods dropped 3.5 percent.

On a year-on-year basis, factory orders plunged 8.4 percent in February after a 3.6 percent slump in January. Economists had forecast a 3.1 percent fall.

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