Carsten Brzeski, Chief Economist at ING, notes that German industrial orders took a severe hit in June, dropping by 4% month-on-month, from 2.6% MoM in May.
Key Quotes
“On the year, new orders were down by 0.8%. Even though new orders data are highly volatile, the June report could be a tentative sign of how trade tensions are hitting the German economy.”
“Foreign orders from outside the eurozone dropped by almost 6% MoM. At the same time, domestic orders decreased by 2.8% MoM.”
“With the sharpest drop since January 2017, today’s new orders data do not bode well for German industry going into the second half of the year.”
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