German factory orders slide in April
By Michele Maatouk
Date: Friday 05 Jun 2020
(Sharecast News) - German factory orders tumbled in April as the coronavirus pandemic took its toll, according to figures released by Destatis on Friday.
Orders slid 25.8% on the month following a revised 15% drop in March, coming in below expectations for a 19.9% drop.
On the year, orders slumped 36.6% in April following a revised 15.4% fall the month before and versus expectations for a 29.7% decline.
Domestic orders decreased by 22.3%, while foreign orders fell 28.1% on the month. New orders from the eurozone were down 30.6% and new orders from other countries were 26.7% lower compared with March.
The manufacturers of intermediate goods saw new orders fall 22.7% on the month. The manufacturers of capital goods saw a 30.6% fall, while consumer goods makers saw new orders drop 11.4%.
Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said the data is "very grim, but also very old news", with the headline depressed by weakness across the board.
"It makes little sense to dwell on the horror show of these data, except to note that they're almost surely the bottom, at least in terms of the sequential monthly numbers," he said.
"High-frequency data- such as Opentable reservations, Apple mobility data and the MAUT- are all rebounding significantly, and quicker than in the rest of the eurozone, indicating that the post-Covid-19 rebound in Germany is progressing leaps and bounds, for now at least."
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