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Economy in Brief

German Orders Dive In December
by Robert Brusca February 4, 2010

German Industrial orders are still rising Yr/Yr but they took a steep fall in December dropping by 2.3%. Foreign orders led the way lower falling by 3.2% with domestic-sourced orders off by just 1.4% Overall MFG sales also fell in December dropping at a 2% month-to-month pace.

With the December drop in place, orders are now decelerating over three-months compared to six months. The progression of accelerating growth rates has been interrupted. Foreign orders are responsible for this backtracking as domestic orders are still advancing over three months and surpassing their six month growth results

The report was a shock to markets. On a day in which Greeks are starting to bristle and strike to avoid the pain of their self-imposed austerity plan and stock markets in debt-ladened EMU countries are being bashed it is a ‘fitting’ piece of bad news.

German Orders and Sales By Sector and Origin
Real and SA % M/M % Saar  
  Dec-09 Nov-09 Oct-09 3-MO 6-Mo 12-Mo YrAgo QTR-2-Date
Total Orders -2.3% 2.7% -1.7% -5.5% -2.8% 6.4% -30.5% 2.6%
Foreign -3.2% 3.6% -3.3% -11.3% -5.8% 7.2% -33.2% 10.1%
Domestic -1.4% 1.6% 0.3% 2.2% 1.1% 5.5% -27.1% -5.0%
Real Sector Sales
MFG/Mining -2.0% 0.1% -0.4% -8.9% -4.6% -5.7% -12.6% 3.2%
 Consumer 2.4% 2.0% -0.2% 18.1% 8.7% -4.2% -2.8% 7.4%
 Cons Durables 0.2% 3.2% 2.2% 24.8% 11.7% -4.4% -13.3% 18.5%
 Cons Non-Durable 2.8% 1.9% -0.6% 17.3% 8.3% -4.1% -0.9% 5.8%
Captial Gds -3.1% 0.4% -3.3% -21.8% -11.5% -9.2% -15.4% -2.0%
Intermediate Gds -2.9% -0.5% 3.2% -1.2% -0.6% 0.0% -16.1% 11.0%
All MFG-Sales -2.0% 0.3% -0.5% -8.5% -4.4% -5.6% -12.7% 3.3%
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