German Factory Orders Decline More Than Forecast on Exports

Factory orders in Germany, Europe’s largest economy, fell more than economists forecast in July, led by a drop in export demand as the global economy cooled.

Orders, adjusted for seasonal swings and inflation, dropped 2.8 percent from June, when they rose 1.8 percent, the Economy Ministry in Berlin said in a statement today. The decline, the first in four months, exceeded economists’ forecast of 1.5 percent, according to the median of 37 estimates in a Bloomberg News survey. On the year, orders rose 8.7 percent, when adjusted for work days.