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Economy in Brief

European Orders Head Sharply Lower In August
by Robert Brusca October 23, 2008

Industrial orders in the e-zone fell by a relatively sharp 1.2% in August. Still there has been enough strength recently for the 3-mo growth rate of e-Zone orders to stand at a positive 5.3%. Over six months and 12-months orders are still declining. And in the quarter-to date orders are falling as well at a sharp -6% pace. Order weakness continues to be led by orders from abroad (see table). Domestic orders are not so much stronger (see chart) as they are more volatile.

The selected country level reports in the table shows weakness of a significant magnitude across the group albeit there are timing differences and volatility in orders within this group. But in Q3-to-date only Italy shows an order rise. The UK shows an annual rate of decline at a -40% rate. Italy is posting a gain in the quarter at nearly a 10% pace. Germany and France are showing quarter-to-date order drops on the order of 6% to 7%.


E-zone and UK Industrial Orders & Sales Trends
Saar except m/m % m/m Aug
08
Aug
08
Aug
08
Aug
07
Aug
06
Qtr-2
Date
Ezone Detail Aug
08
Jul
08
Jun
08
3-Mo 6-mo 12-mo 12-mo 12-mo Saar
MFG Sales 0.6% 0.4% 0.2% 4.9% 3.7% 4.6% 6.4% 7.8% 4.5%
Consumer 0.4% 0.3% 0.1% 3.3% 1.9% 1.8% 6.4% 7.8% 2.9%
Capital 0.3% 0.2% 0.1% 2.6% 2.2% 3.4% 4.4% 4.2% 2.3%
Intermediate -0.4% 1.8% 1.4% 11.8% 0.1% 1.5% 8.3% 7.1% 5.6%
MFG Orders                  
Total Orders -1.2% 2.0% 0.5% 5.3% -5.1% -1.5% 5.1% 11.6% -1.5%
E-13 Domestic MFG orders -0.4% 1.8% 1.4% 11.8% 0.1% 1.5% 2.6% 7.6% 2.5%
E-13 Foreign MFG orders -2.1% 1.9% -0.3% -2.4% -11.9% -4.0% 7.1% 16.4% -5.5%
Countries: Aug
08
Jul
08
Jun
08
3-Mo 6-mo 12-mo 12-mo 12-mo Qtr-2
Date
Germany: 3.3% -0.7% -2.5% -0.3% -6.4% 0.1% 5.5% 17.0% -6.0%
France: -7.2% 4.3% 1.4% -6.9% -18.5% -7.8% 8.6% -5.3% -7.4%
Italy -0.3% 2.7% 0.7% 13.2% -1.4% 1.1% -0.6% 18.2% 9.8%
UK(EU) -15.2% 2.4% -5.0% -53.6% -37.2% -16.4% 4.2% -3.3% -40.7%
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