German Industry Orders Fall

Weak demand both at home and abroad drove a bigger-than-expected fall in German industrial orders in November, marking a slight correction after a surge in the prior month, data showed on Friday, News Now writes. Contracts for goods ‘Made in Germany’ were down by 2.5% on the month, the Economy Ministry said. That was the biggest monthly drop since November 2014 and compared with a consensus forecast for a fall of 2.3%. Domestic demand decreased 2.8% while foreign orders fell 2.3%, with demand from eurozone countries down 2.7%. The data for October was revised up to a rise of 5.0% from a previously reported increase of 4.9%. This marked the biggest monthly rise since July 2014.