Economic Indicators
German Manufacturing Orders Break Losing Streak in May, Eke Out Small Gain
2022.07.06 09:36
By Geoffrey Smith
Investing.com — New orders to German manufacturers rose for the first time in four months in May, breaking a losing streak that had begun immediately after Russia’s invasion of Ukraine.
Statistics office Destatis said orders edged up 0.1% from April, while it also revised up April’s numbers to show a decline of only 1.8% from an initial estimate of 2.7%. The number is consistent with a modest rise in Ifo’s business confidence index for the month, but predates the 60% reduction in gas supplies from Russia which has made life even more difficult for the manufacturing sector.
