German Manufacturing Orders Fall

German manufacturing orders fell more sharply than expected in August, initial data from the Economics Ministry showed Thursday.

Seasonally-adjusted data for August showed new orders falling 1.4% from a month earlier. Analysts had expected a more modest drop of 0.2%.

A drop in domestic orders clearly drove the decline. Domestic orders fell 3.2% from the month earlier, while foreign orders increased 0.1%.

The ministry said the volume of large orders was "below average", after coming in at an "average" level the previous month.

Still, the figures showed orders rose by 6.3% from a year earlier in August in unadjusted terms, and by 3.9% from a year earlier in work-day adjusted terms.

The biggest monthly drop was in consumer goods orders, which fell 5.6%, with foreign orders dropping 6.9% and domestic orders down 4%.

Among other categories, capital goods orders fell 1.3% from a month earlier, while basic goods orders fell 0.9%.

The ministry said manufacturing orders fell by 2.6% from a month earlier in July, higher than the 2.8% decline initially announced.

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