German factory orders see unexpected fall in October

| December 7, 2009 | 0 Comments
German factory orders see unexpected fall in October

The Economy Ministry in Berlin has today revealed a fall in German factory orders for the month of October.

The monthly fall of 2.1% was the first in eight months and came as a surprise after analysts had expected the recent rise in orders to continue.

The fall was led by a slump in export demand. Germany is Europe’s largest economy and the world’s biggest exporter.

The economy emerged from recession in the second quarter after experiencing positive growth.

Commenting on today’s figures, the German Economy Ministry said “the pace of recovery seen in recent months weakened, but the trend in new orders is, however, still up”.

Meanwhile, Carsten Brzeski at ING Financial Markets, said: “Today’s numbers are a good reminder that a recovery never follows a straight line. However, it should rather be a pause of the [upward] trend than a reversal.”

“This trend will pick up again in the coming months as there were recently several big ticket orders for infrastructure machinery from emerging countries,” he added.

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