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Economy in Brief

Italian and French Industrial Orders Are Up In September
by Robert Brusca November 20, 2009

Orders in Italy and in France were up strongly in September but on different causes. Both posted an orders rise in excess of five percent on the month. But Italy’s orders were boosted by a 7% gain in foreign orders; in France foreign orders rose by just 0.3%. Over three months Italian foreign orders are up at a 25% annual rate while domestic orders have sunk, dropping at an 18% annual rate. French foreign orders are very weak over the past two months but an order spurt in July keeps its three-month growth rate for foreign orders ahead of its domestic order growth for now. Yr/Yr Italian domestic and foreign orders are at similar rates of growth with both declining by about 21%. Over the past year France’s foreign orders are weaker than total orders as domestic orders have buoyed the economy.

As a result overall French orders are up at an increasing strong pace. Italian orders are making a slower and less decisive turn higher.

On balance e-Zone countries are showing a turn for the better. Italy is lagging. But the Zone seems to be making a sustained move to better growth. France is one of the strongest EMU members and it has a large rise in its fiscal deficit to show for it.

Italy Orders
Saar exept m/m Sep-09 Aug-09  Jul-09 3-mo 6-mo 12-mo
Total 5.2% -8.6% 2.4% -5.8% -3.8% -21.4%
Foreign 7.0% -12.8% 13.3% 25.2% 9.1% -21.6%
Domestic 4.2% -6.2% -2.8% -18.5% -10.1% -21.3%
Memo            
Sales 2.3% -1.3% 0.9% 7.6% -1.1% -17.9%
French Orders
Saar exept m/mSep- Sep-09 Aug-09  Jul-09 3-mo 6-mo 12-mo
Total 5.7% 2.9% 4.7% 67.4% 33.8% -5.6%
Foreign 0.3% 0.1% 14.5% 74.8% 40.8% -14.7%
IP xConstruct -1.6% 3.0% 0.7% 8.6% 9.2% -11.0%
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