Overview
- Destatis reported seasonally and calendar-adjusted new orders fell 2.9% in July after a 0.2% decrease in June.
- Excluding large-scale contracts, orders rose 0.7% on the month, suggesting a firmer underlying picture than the headline.
- The "other transport equipment" category, including aircraft, ships and rail, fell 38.6% and accounted for most of the drop.
- On a three-month view, orders in May through July were 0.2% higher than in the previous three months.
- Economists polled by FactSet had expected a 0.7% increase, and Destatis said both domestic and foreign demand weakened, including a 3.8% decline from the euro area.