Factory Orders Slowed in July

GERMANY JUL IND ORD +2.8% M/M,-7.3% Y/Y;JUN +28.8% M/M

• Industrial Orders increased by 2.8% in Jul following Jun's strong uptick, however falling short of market expectations for a 5% increase.
• Jun monthly orders have been revised up to 28.8% from 27.9% previously reported.
• Annual orders improved as well and declined at a slower pace than in the previous month, falling by 7.3%
• However, July industrial orders are still 8.2% below Feb's level.
• Domestic orders declined 10.2% m/m in Jul, while foreign orders ticked up 14.4% with orders from the EZ rising by 7.3% while orders from other countries edged up 19.2%
• Factory orders in the car manufacturing sector (Germany's largest industrial sector) increased by 8.5% in Jul and orders are only 2.4% below Feb's level.
• Intermediate goods orders edged up 9.5%, while capital goods fell 0.4% in Jul on a monthly basis.
• Consumer goods ticked up marginally by 0.2%