BREAKING: Massive drop in German factory orders

German factory orders (M/M) October: -3.7% (expected 0.2%; previously 0.2%)

- WDA factory orders (Y/Y) Oct: -7.3% (expected -3.9%; earlier -4.3%)

"Within manufacturing, much of the month-on-month decrease in October 2023 was due to the performance of the "manufacture of machinery and equipment" sector, where new orders declined by 13.5% after seasonal and calendar adjustment. (In September 2023, new orders had risen by 9.8% in this sector). In addition, new orders were down in major sectors, that is, in the manufacture of fabricated metal products (except machinery and equipment), the manufacture of basic metals, the manufacture of electrical equipment and the automotive industry." - Destatis

Source: Destatis

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