German factory orders drop sharply in May on foreign demand

Business News
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BERLIN (AP) — German factory orders dropped unexpectedly sharply in May, raising questions about a rebound in Europe’s largest economy.

The Federal Statistical Office reported Friday that industrial orders dropped 2.2% over April, with foreign orders down 4.3%, when adjusted for seasonal and calendar factors. Economists had forecast a 0.1% overall drop.

The decrease follows a 0.4% increase in April and a March rise of 0.8%.

ING economist Carsten Brzeski says “the downward slide is back again.”

Brzeski says the “sharp drop in new orders clearly undermines the tentative signs of a rebound or at least a bottoming out at the end of the first quarter.”

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