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Economy in Brief

French Orders Continue to Rise Year-Over-Year
by Robert Brusca September 20, 2007

Manufacturing orders are sharply lower in France in July following a pattern we have seen among previous European reports of industrial orders in July. Like those reported earlier, French new orders, which dropped sharply in July, merely offset a similarly strong rise in June. France’s Yr/Yr trend remains firmly higher with Yr/Yr rates of growth of 15.5% overall and 14.8% for foreign orders. Despite the drop in July, the three-month growth is strong and accelerating compared to the six-month rate. However, in the new quarter (Q3) orders are growing at a pace of only 1.3% annualized. This could be the start of a slowing in orders as the euro has climbed and has just recently broken to a new all-time high above $1.40. This is what will bear watching in the months ahead. As ‘current’ data are for July, and the Euro’s new peak is in mid-September.

French Orders
Saar exept m/m Jul-07 Jun-07 May-07 3-mo 6-mo 12-mo
Total -2.9% 3.4% 3.1% 14.6% 4.9% 15.5%
Foreign -2.0% 2.2% 3.5% 16.0% 4.8% 14.8%
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