German industrial orders fall sharply over large contracts
EWG•German industrial orders fell 10.6% in August from July, versus a 1.0% decline expected in a Reuters poll. Excluding large-scale orders, they fell 0.1%.
1. Large orders decline
The decline was attributed to a 61.5% drop in orders for other transport equipment, after that category more than doubled in July on exceptionally high orders for ships, railway rolling stock and aircraft. Domestic orders fell 17.3% in August, while foreign orders declined 5.4%.
2. Other comparisons
Orders from the euro zone fell 5.4%, and those from outside the euro zone fell 5.5%. From June to August, orders rose 1.3% compared with the previous three months. July’s increase was revised to 3.2% from a provisional 2.5%.
