German plant and machinery orders fell for a tenth month in August, driven by a fresh slump in domestic demand, the VDMA machine-makers’ association said.
Orders, adjusted for inflation, fell 11 percent from a year earlier after dropping an annual 2 percent in July, the Frankfurt-based VDMA said in an e-mailed statement today. Domestic orders fell 18 percent, equaling the biggest drop since 2009, while orders from abroad declined 6 percent from a year earlier. In the three months through August, orders fell 4 percent from the same period last year.
“Business at home again disappointed,” VDMA chief economist Ralph Wiechers said in the statement. “This time, orders from abroad couldn’t compensate either. As an expression of the high level of uncertainty, fewer orders came from both euro-partner countries and non-euro states.”