Drop In German Industrial Orders Dashes Hopes of Rebound

The two-year recession in German industry is showing few signs of ending after orders in the country’s manufacturing sector fell more than expected in October with a further shrinkage expected in November, the Financial Times reported. Provisional figures published on Thursday showed that new manufacturing orders fell by 0.4 per cent in October, compared with the previous month, according to the Federal Statistics Office. Economists polled by Reuters had expected an increase of 0.3 per cent. Adding to the gloom, most German industrial companies said their order books shrank further in November, according to a survey by the Ifo Institute, a Munich-based think-tank. The Ifo said: “German industry remains in recession. Order books shrank in November, with the relevant index falling from minus 4.0 to minus 9.3 points.” Read more