Demand for machinery, equipment, and metals slumped in October, data shows
New orders for German-made industrial goods dropped unexpectedly in October amid the energy crisis and weak global demand, provisional data from the country’s federal statistics office Destatis showed on Wednesday.
Factory orders in manufacturing were down 7.3% year-on-year and down 3.7% from September. The figures defied analysts’ predictions of a 0.2% increase month-on-month.
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