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Financial News: German Factory Orders Unexpectedly Fall In April

German Factory Orders Unexpectedly Fall In April

06/07/2022 - 07:53:00 (RTTNews)

(RTTNews) - Germany's factory orders unexpectedly declined in April as coronavirus-linked lockdowns in China and supply chain disruptions dampened demand in the manufacturing sector, official data revealed on Tuesday.

Factory orders declined 2.7 percent on a monthly basis, following a revised 4.2 percent fall in March. This was the third consecutive decrease. Economists had forecast a moderate 0.3 percent growth for April.

Industrial output is expected to grow 1.0 percent on month in April, reversing a 3.9 percent fall in March. Production data is due on June 8.

Elsewhere, survey results published by S&P Global showed that Germany's construction sector contracted the most in nine months in May. The Purchasing Managers' Index fell to 45.4 from 46.0 in April. A score below 50.0 indicates contraction.

The reduction was broad-based by construction category. Work on residential building projects dropped for the third consecutive month and at the fastest pace since February 2021. At the same time, commercial activity dropped at a slightly slower rate, but one that was still marked overall. Civil engineering activity logged the biggest rate of decline of the three-monitored sectors, having registered its steepest contraction since last October.

According to the monthly survey conducted by the behavioral research institute Sentix, German investor confidence improved in June. The investor sentiment index rose to -12.8 from -20.5 in May.

While the environment is not improving at all and concerns about energy costs and security of supply are increasing with a view to autumn and winter, many companies are still benefiting from pull-forward effects and high order intake, Sentix said.

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