Economic Buzz: German factory orders fall 10.6% in August

Seasonally and price-adjusted new factory orders in Germany tumbled by 10.6% in August compared to the prior month, the country's Federal Statistical Office Destatis revealed in a report released on Tuesday. On an annual basis, new orders climbed by 2.7%

The decline in manufacturing orders was attributed to a sharp decline in new orders of other transport equipment, including aircraft, ships, trains, and military vehicles, which plunged by 61.5% compared to the previous month. The number of new orders also declined in the case of capital goods by 15.3% and in the manufacture of consumer goods by 7.3%, while new orders in the manufacture of intermediate goods fell by 2.6% compared to July.

In the reported month, domestic orders dropped by 17.3%, while foreign orders dipped by 5.4%, with orders from the euro area down by 5.4% and orders from outside the Eurozone decreasing by 5.5%.

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