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Euroland: Terrifying slump in German manufacturing orders
Fri, Dec 5 2008, 15:14 GMT
by Søren Dijohn
Overview: The German manufacturing sector has experienced declining new orders over the past year, but what started off as a normal correction from very high levels has developed into serious collapse. German industrial orders dropped 6.1% m/m in October, corresponding to a 17.3% decline y/y. This are truly terrifying numbers. We have never seen anything as dramatic in German orders (with the exception of July 1977, which was due to a change in the summer holiday period), the closest being the declines in 1993 and around New Year 1973/74. Plummeting orders spell trouble not only for Germany but also for Europe as we mentioned in our June review of the German economy, see Germany: Recession looming.
Published on Fri, Dec 5 2008, 15:15 GMT
Danske Bank
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