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(CEP News) Frankfurt - German factory orders continue to surprise to the downside, falling 6.0% from October to November, the Federal Ministry of Economy and Technology reported on Thursday. Economists had expected a far less pronounced fall of 1.9% for the month following October's 6.3% decline, which was downwardly revised from an initial estimate of -6.1%.
According to the Ministry report, domestic demand dropped off by 7.6% in the month to November, adding to the previous 6.4% decline. Meanwhile, foreign orders contracted 4.4% following October's 6.3% fall. The Ministry also reported that demand for capital goods declined 4.2%, while consumer goods orders slipped 1.3%, both over the same period. On an annualized basis, factory orders fell 27.2% in November, significantly outdoing both the forecast 20.1% contraction and October's 17.5% decline. Meanwhile, October's figure was revised down 0.2 percentage points from initial estimates. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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