Manufacturing Orders Down Sharply in June

Orders placed with companies in the German manufacturing sector fell by 3.5 percent in June from the previous month, more than offsetting the 1.5-percent increase recorded in May, the Economics and Labor Ministry said in a statement. The ministry attributed the development to an unusually large number of big-ticket orders in May. "And the June figure is likely to be revised upwards," the ministry said. Foreign orders slumped by 6.5 percent on a monthly basis in June, while domestic orders declined by just 0.8 percent. Using a two-month comparison to iron out seasonal fluctuations, pan-German orders were up by 0.6 percent in May and June combined from the figure for March and April, the ministry said. On the two-month basis, foreign orders were up by 2.3 percent, while domestic orders slipped by 0.9 percent. (AFP)