Data out this morning show that during the month of November German factory orders dropped by a bigger-than-expected one per cent, dragging the annualised rate to a 4.3 per cent decline; October’s figures were also saw downward revisions. Data has been collected since 1952 and monthly figures have averaged a 0.36 per cent increase; the record a 27.1 per cent rise in June 1975 and the worst, a fall of 15.7 per cent in July 1975. Today’s fall, the biggest annual drop in several years, was caused mainly by shrinking demand from other EU countries.
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