German Recession Draws Nearer as Factory Orders Slumped in September

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German Recession Draws Nearer as Factory Orders Slumped in September

By Geoffrey Smith

Investing.com -- Germany lurched closer to recession on Friday as new data showed orders to the key manufacturing sector slumping by an alarming 4.0%.

That was their sixth decline in the last seven months and the biggest decline since March. Analysts had expected a more gentle drop of 0.5%.

That left order volumes down 10.8% from a year earlier, albeit statistics office Destatis said the September 2021 figure had been exceptionally high due to rebound effects after the pandemic.

Domestic orders rose 0.5% but export orders fell 7.0%.

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