German VDMA Machinery Orders Decline for Ninth Month in July
German plant and machinery orders declined for a ninth month in July as domestic demand slumped, the VDMA machine-makers’ association said.
Orders, adjusted for inflation, fell 2 percent from a year earlier after dropping an annual 1 percent in June, the Frankfurt-based VDMA said in an e-mailed statement today. Domestic orders fell 18 percent, while orders from abroad rose 8 percent. In the three months through July, orders rose 2 percent from the same period last year.
Impulses for foreign orders “didn’t only come from overseas but also from euro-member countries,” Ralph Wiechers, VDMA’s chief economist, said in the statement. The decline of domestic orders is partially due to a high level of orders last year, he said.
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