German manufacturing orders plunge unexpectedlyStaff writer ▼ | April 5, 2016
German manufacturing orders declined unexpectedly in February, as the economics ministry said that an extremely weak intake of bulk orders weighed on order books.
Germany Orders in January were revised up
But orders in January were revised up to show a monthly gain of 0.5%, compared with the 0.1% decline previously estimated.
"The volume of bulk orders in February was strongly below average," the ministry said. Excluding big tickets, German manufacturing orders would have increased 0.3% from the preceding month, it said.
"All in all, a moderate upward trend in industrial activity can be expected," the ministry said.
The data showed that a 0.9% gain in domestic orders in February from January wasn't enough to compensate for a 2.7% drop in foreign demand.
In annual terms, total orders for Germany's manufacturing sector increased 3.4% from February 2015, and rose 0.5% when taking account of the number of working days in each month. ■