German Factory Orders fell more than Expected in November
On Thursday, the Federal Statistical Office, a federal authority in Germany, reported that German factory orders fell more than expected in November. The orders have fallen for the first time in November. It reflected a slow recovery of confidence in Europe's largest economy. According to reports, the industrial orders fell after hurt by a drop in domestic demand and from nations outside eurozone.
According to the Federal Statistical Office, the orders were down about 2.4% in November over the previous months. According to analysts' predictions, the orders were estimated to decline 0.8%. After orders rose 2.7% in eurozone, foreign orders were down about 0.7%. As per the reports, domestic demands declined 4.7%.
Andreas Rees, UniCredit economist, said, "There is no reason for panic, noting orders were still up 0.9 percent over the last three months over the previous three-month period. The most important message is that we have to be a bit more patient".
German factory orders from companies across the country have taken a deep dive even with more shipments to eurozone countries. According to the Economics Ministry, the dip is temporary and there is no reason to panic. According to the ministry, German factory orders had raised by 2.9% in October.
Alexander Krüger, Bankhaus Lampe economist, said that the recent figures are not good, but a market response had to be expected after two months of decent gains. According to the repots, domestic orders have fallen by about 4.7%, while export orders have slipped by 0.7%.
UniCredit economist Andreas Rees said that the drop was the first decline in factory orders after two consecutive and strong increases. According to Rees, there is no need to be disappointed.
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