German Factory Orders Slide Amid Dwindling Euro-Region Demand
- Orders declined 0.4% on month vs. estimated 0.5% gain
- Drop driven by slump in euro-area demand for investment goods
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German factory orders unexpectedly declined in June as demand for investment goods from within the euro area slumped in the run-up to Britain’s referendum on European Union membership.
Orders, adjusted for seasonal swings and inflation, fell 0.4 percent from May, when they rose a revised 0.1 percent, data from the Economy Ministry in Berlin showed on Friday. That’s the third consecutive month demand remained below economists’ estimates. The median in a Bloomberg survey was for an increase of 0.5 percent. Orders dropped 3.1 percent from a year earlier.