Germany Factory Orders Slump Most Since Lockdowns in 2020
- July drop was worse than predicted by any economist in survey
- German economy has been described as ‘sick man of Europe’
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German factory orders plummeted in July, a sign that the woes of Europe’s biggest economy continued into the third quarter.
Demand decreased by 11.7% from June, far worse than the 4.3% drop expected by economists in a Bloomberg survey. That decline — the worst since the height of the pandemic in 2020 — was due to major orders, without which the gauge would have increased by 0.3%.