Global| Aug 20 2008French Orders Show Some Life But Still Negative Trend
Summary
French orders edged higher in June as weak domestic orders were offset by strong foreign orders. Foreign orders were by a robust 2.6% m/m in June. Still for the full quarter orders are falling. Total orders are off at an11.3% annual [...]
French orders edged higher in June as weak domestic orders were offset by strong foreign orders. Foreign orders were by a robust 2.6% m/m in June. Still for the full quarter orders are falling. Total orders are off at an11.3% annual rate in Q2 and foreign orders are off at an 18.6% annual rate.
The sequential growth rates for orders do not show a cumulating deterioration. Sequential order weakness has dissipated over the more recent periods – except for the Q/Q growth rate. Yr/Yr growth is -12.1% compared to -2.5% over three months. The same sort of pattern emerges for foreign orders. Despite the order rise in June trends still look quite negative. The month’s rebound follows sharp declines in May. French orders have been very choppy.
| French Orders | |||||||
|---|---|---|---|---|---|---|---|
| SAAR except m/m | Jun-08 | May-08 | Apr-08 | 3-mo | 6-mo | 12-mo | Quarter-2-Date |
| Total | 0.1% | -6.3% | 5.9% | -2.5% | -4.0% | -12.1% | -11.3% |
| Foreign | 2.6% | -10.4% | 6.6% | -7.9% | -10.3% | -11.4% | -18.6% |
Robert Brusca
AuthorMore in Author Profile »Robert A. Brusca is Chief Economist of Fact and Opinion Economics, a consulting firm he founded in Manhattan. He has been an economist on Wall Street for over 25 years. He has visited central banking and large institutional clients in over 30 countries in his career as an economist. Mr. Brusca was a Divisional Research Chief at the Federal Reserve Bank of NY (Chief of the International Financial markets Division), a Fed Watcher at Irving Trust and Chief Economist at Nikko Securities International. He is widely quoted and appears in various media. Mr. Brusca holds an MA and Ph.D. in economics from Michigan State University and a BA in Economics from the University of Michigan. His research pursues his strong interests in non aligned policy economics as well as international economics. FAO Economics’ research targets investors to assist them in making better investment decisions in stocks, bonds and in a variety of international assets. The company does not manage money and has no conflicts in giving economic advice.
More Economy in Brief
