· French orders edged higher in June as weak domestic orders were offset by strong foreign orders. Foreign orders were by a robust 2.6% m/m in June. Still for the full quarter orders are falling. Total orders are off at an11.3% annual rate in Q2 and foreign orders are off at an 18.6% annual rate.
· The sequential growth rates for orders do not show a cumulating deterioration. Sequential order weakness has dissipated over the more recent periods – except for the Q/Q growth rate. Yr/Yr growth is -12.1% compared to -2.5% over three months. The same sort of pattern emerges for foreign orders. Despite the order rise in June trends still look quite negative. The month’s rebound follows sharp declines in May. French orders have been very choppy.