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Factory Orders in Germany Shrank 6% in August
Factory orders plunged 6% in Germany from July to August, according to the country's economy ministry.
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Factory orders plunged 6% in Germany from July to August, according to the country's economy ministry. Orders had climbed 5% from June to July.
August's decline was the worst since January 2009. Economists say the timing of factory holidays was a major factor. But they also see a broad-based softening in demand caused by a stalled European economy and the uncertainties of geopolitical crises. Demand for German exports dropped 8% in August.
The bad news follows a 0.2% contraction of Germany's gross domestic product in the second quarter of 2014. Analysts say the country's economy isn't likely to resume growth until next year.
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