German industrial orders fell unexpectedly in October as demand at home and from...
BERLIN - German industrial orders fell unexpectedly in October as demand at home and from outside the euro zone weakened, suggesting a manufacturing downturn will continue to hold back growth in Europe’s largest economy in the final quarter.
“The German industry is still stuck in the vale of tears,” VP Bank economist Thomas Gitzel said, adding that a growing number of companies were applying for state aid to keep well-trained staff but put them on short-time work.The economy ministry said that industrial orders had stabilised in recent months, with business expectations also developing a bit more favourably.
The German economy skirted a recession in the third quarter as consumers, exports and state spending drove a 0.1% expansion from July through September, following a 0.2% contraction in the previous three months. German car companies are having trouble adjusting to stricter regulation following an emissions-cheating scandal and managing a broader shift away from combustion engines towards electric cars.
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