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Economy in Brief

Euro Area Orders Drop Sharply in December
by Robert Brusca February 22, 2008

Rising order trends mask encroaching weakness.

Despite a sharp 3.6% drop in orders in December EMU orders are still rising strongly over three months and a strong 8.5% in the quarter. Order trends are even turning higher despite the sharp drop in orders in December. But MFG sales already are very weak and are declining in the quarter. Domestic orders are clearly weaker than foreign orders. In the quarter domestic orders are up at nearly a 7% pace and foreign orders are up at a nearly 14% pace. The country detail shows that Germany is a major counterbalance to the overall results. Germany’s orders are up by 20% in the quarter. France, Italy and the UK are showing orders drop in the fourth quarter.

E-zone and UK Industrial Orders & Sales Trends
Saar except m/m % m/m Dec
07
Dec
07
Dec
07
Dec
06
Dec
05
Qtr-2
Date
Euro Area Detail Dec-07 Nov-07 Oct-07 3Mo 6mo 12mo 12mo 12mo Saar
MFG Orders -3.6% 2.0% 2.7% 3.8% -5.8% 3.6% 6.8% 6.4% 8.5%
MFG Sales 0.0% 0.1% 0.0% 0.3% 0.5% 3.6% 7.3% 6.3% -0.3%
Consumer goods 0.2% 0.2% 0.1% 1.9% 2.6% 3.2% 7.3% 6.3% 2.0%
Capital goods -0.1% -0.1% 0.1% -0.4% 2.1% 4.7% 4.7% 3.2% 1.1%
Intermediate goods 0.1% 0.1% -0.3% 6.1% -2.1% 0.1% 8.3% 5.6% 6.9%
MFG Orders
Total Orders -3.6% 2.0% 2.7% 3.8% -5.8% 3.6% 6.8% 6.4% 8.5%
E-13 Domestic MFG orders -4.6% 1.9% 4.5% 6.1% -2.1% 0.1% 7.4% -0.7% 6.9%
E-13 Foreign MFG orders -5.5% 3.6% 2.3% 0.4% -14.5% 4.4% 4.4% 11.5% 13.9%
Countries: Dec-07 Nov-07 Oct-07 3Mo 6mo 12mo 12mo 12mo Qtr-2
Date
Germany -2.2% 3.5% 4.0% 22.8% -3.3% 10.5% 8.7% 5.1% 20.8%
France -2.0% -0.3% 2.2% -0.3% -7.0% 3.8% 2.7% 0.5% -3.8%
Italy -5.4% 2.9% -1.1% -14.1% -8.8% 1.6% 8.1% 3.6% -3.3%
UK 5.2% -4.2% 2.6% 14.0% 7.2% 13.9% -2.8% -2.6% -20.6%
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