German Industry Orders Fall in July

German industrial orders fell more than expected in July but a sharp upward revision for the previous month suggested the industrial sector in Europe’s largest economy has extended its recovery into the third quarter.

A plunge in euro zone orders for capital goods drove a 2.7 percent drop in industry orders in July, seasonally adjusted data from the Economy Ministry showed on Thursday, missing the consensus forecast in a Reuters poll for a 1 percent fall.

But the reading for June was revised up to a 5.0 percent surge, the sharpest rise in more than two and a half years, from a previously reported 3.8 percent.

The ministry said bulk orders were slightly below average in July. Industry intake remained overall on a moderate upward path, rising 3.3 percent over June and July compared with the previous two months, it added.

via Reuters

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