-- July reading revised downwards
FRANKFURT (MNI) - Germany's manufacturing orders dropped sharply in August
while the July level contracted more strongly than previously estimated, data
from the country's statistical office showed Tuesday, putting a question mark
over economic activity in the manufacturing sector.
Orders fell -1.8% on the previous month in seasonally adjusted terms while
they contracted by -2.2% in July.
The reading is well below the median forecast collated from economists by
MNI, whom had anticipated an increase of +0.4%. The lowest forecast only
expected a decrease of -1.0%
"Manufacturing orders showed a weak development of late after strong
activity in the second quarter," the German economy ministry wrote in a press