Global| Nov 20 2008New Orders for Italy and France Sink
Summary
For France and Italy new industrial orders continue to sink. France is right now seeing the greater weakness. Foreign orders show consistent weakness across time horizons for both Italy and for France. For France the recent [...]
For France and Italy new industrial orders continue to sink. France is right now seeing the greater weakness. Foreign orders show consistent weakness across time horizons for both Italy and for France. For France the recent deterioration in foreign orders is a bit worse than for Italy. But one remaining difference between these two countries is that in Italy domestic orders have shown some resiliency. Over three six and twelve months Italian orders have mostly showed increases. Meanwhile for France total and foreign order are down by almost the same percentage amounts over three months, hinting at weakening domestic orders. Italy may just be a step behind however. While Italy’s domestic orders have been resilient, in September they have dropped by a sharp 2.6%. Also Italy’s overall sales trends are deteriorating very rapidly. Both Italy and France seem to be well on their way to a deepening weakness in manufacturing.
| Saar exept m/m | Sep-08 | Aug-08 | Jul-08 | 3-mo | 6-mo | 12-mo |
| Total | -1.5% | -0.9% | 2.2% | -1.0% | -5.1% | -3.0% |
| Foreign | 0.8% | -3.4% | -0.8% | -13.1% | -11.6% | -11.4% |
| Domestic | -2.6% | 0.3% | 3.8% | 5.7% | -1.4% | 1.9% |
| Memo | ||||||
| Sales | 1.7% | -3.1% | -2.6% | -15.1% | -1.6% | -0.6% |
| French Orders | ||||||
| Saar except m/m | Sep-08 | Aug-08 | Jul-08 | 3-mo | 6-mo | 12-mo |
| Total | 0.7% | -7.6% | 4.7% | -10.1% | -3.0% | -4.9% |
| Foreign | 2.2% | -8.3% | 3.4% | -11.9% | -7.2% | -8.5% |
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.
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