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Economy in Brief

Large EU Country Orders Go Back On The Rise…Mostly
by Robert Brusca February 22, 2010

Germany no longer seems to be locked in to the wining trajectory that leads the e-Zone. France and Italy each have stronger orders growth than Germany Yr/Yr. Among the four largest EU nations Germany alone is the one with declining orders growth over the most recent three months on order declines in December and in October.

The UK shook off a steep decline in orders in November; that drop unwound a huge spike in orders in October. UK data have become extremely volatile. December has brought another outsized gain in orders this time of 8.5%. Despite some major league see-sawing the UK orders series appears to be in the same sort of rebound as Germany Italy and France.

The clear message from the chart above is that despite some period-to-period volatility in orders an upswing is still in train. Orders are climbing up out of the hole they were dug into during the recession. In November the large three EMU countries each had Yr/Yr declines in orders but in December orders in Italy, France and Germany all are in the plus column again for Yr/Yr growth.

Selected Euro-Area and UK Industrial Orders
Saar except m/m Mo/Mo Dec
09
Nov
09
Dec
09
Nov
09
Dec
09
Nov
09
Countries: Dec
09
Nov
09
Oct
09
3Mo 3Mo 6mo 6mo 12mo 12mo
Germany (MFG): -1.8% 3.2% -2.1% -3.4% 9.9% 10.3% 23.7% 4.2% -2.0%
France(Ind): 17.1% 0.5% -8.2% 36.4% -7.3% 40.5% 4.5% 15.5% -4.2%
Italy (Ind): 4.7% 2.9% 0.7% 38.5% 47.6% 18.5% 15.4% 5.3% -3.5%
UK (Engineering Industy): 8.5% -15.6% 14.1% 19.1% -18.1% 7.1% -9.9% -16.2% -3.8%
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