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German factory orders unexpectedly shrink in November 2019

Germany's factory orders unexpectedly fell in November 2019 amid weaker foreign demand, provisional data from the Federal Statistical Office showed.

New orders dropped 1.3% month over month in November 2019 following a revised 0.2% rise in October 2019. The Econoday consensus was for a monthly uptick of 0.2%.

Domestic orders grew 1.6%, while foreign orders slipped 3.1%. New orders from the euro area declined 3.3% while those from other countries fell 2.8%.

Intermediate goods orders inched up 0.2%, while capital goods orders declined 2.1%. New orders of consumer goods were unchanged.

On an annual basis, factory orders fell 6.5% after price and calendar adjustments and following a revised 5.6% drop in October 2019.

The unexpected decline signals that "a bottoming out of the manufacturing slump is anything but near," according to Carsten Brzeski, chief economist at ING Germany.

"The great order book deflation in German industry continues," Brzeski said. "In fact, it looks as if 2019 will be the second year in a row in which new orders have fallen."