Orders for Germany’s important manufacturing sector dropped unexpectedly in July, official data showed Wednesday, but the economics ministry said that the level of total orders has remained “very high” as the sector continues to enjoy “a solid upswing.”
Total manufacturing orders fell 0.7% compared with June, adjusted for seasonal swings and calendar effects, the ministry said. Economists polled by The Wall Street Journal had forecast a small increase of 0.4%.
The monthly decline was led by a 1.6% drop in domestic orders, while foreign demand was flat.
But German manufacturing orders were up 5.0% compared with July 2016, mirroring the ongoing positive momentum in the sector. The data factor out calendar effects.
Source: Dow Jones