World Economy

German Factory Orders Slide

German Factory Orders SlideGerman Factory Orders Slide

German factory orders unexpectedly declined in June as demand for investment goods from within the eurozone slumped in the run-up to Britain’s referendum on European Union membership. Orders, adjusted for seasonal swings and inflation, fell 0.4% from May, when they rose a revised 0.1%, data from the economy ministry in Berlin showed on Friday. That’s the third consecutive month demand remained below economists’ estimates. The median in a Bloomberg survey was for an increase of 0.5%. Orders dropped 3.1% from a year earlier. Company executives are less optimistic, with Siemens chief Joe Kaeser warning on Thursday that political uncertainty in countries like the UK threatens to damp orders and investment.