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Business

Manufacturing Orders Down Sharply in June

Orders placed with companies in the German manufacturing sector fell by 3.5 percent in June from the previous month, more than offsetting the 1.5-percent increase recorded in May, the Economics and Labor Ministry said in a statement. The ministry attributed the development to an unusually large number of big-ticket orders in May. "And the June figure is likely to be revised upwards," the ministry said. Foreign orders slumped by 6.5 percent on a monthly basis in June, while domestic orders declined by just 0.8 percent. Using a two-month comparison to iron out seasonal fluctuations, pan-German orders were up by 0.6 percent in May and June combined from the figure for March and April, the ministry said. On the two-month basis, foreign orders were up by 2.3 percent, while domestic orders slipped by 0.9 percent. (AFP)