(Sharecast News) – German factory orders unexpectedly slumped in October, according to figures released on Wednesday by Destatis.
Orders fell by 3.7% on the month following an upwardly-revised 0.7% increase in September, coming in weaker than expectations for a 0.2% jump.
Destatis said much of the decline was due to the performance of the manufacture of machinery and equipment sector, where new orders tumbled 13.5%.
By contrast, there was a 20.2% rise in new orders in the manufacture of other transport equipment such as aircraft, ships, trains, etc. This was thanks to large-scale orders received in this sector.
The data showed that excluding major orders – single orders worth more than €50m – factory orders rose 0.7% on the month in October.
