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Germany's new manufacturing orders shrink further in July

New manufacturing orders in Germany shrunk by 0.9% in July on a monthly basis after price, seasonal and calendar adjustments, provisional data from the country's Federal Statistical Office showed.

The Econoday consensus estimate was a rebound of 2.1% in July. Adjusted new orders in June were revised to show a 3.9% fall on a monthly basis, compared with the preliminary reading of a 4.0% decline.

Domestic orders jumped 2.4% and foreign orders lost 3.4% in July on the previous month. New orders from the eurozone were down 2.7%, while new orders from other countries decreased 4.0% in July compared to June.

German manufacturers of intermediate goods saw new orders rise 1.5% in July on a monthly basis. New orders in July fell by 2.7% for manufactured capital goods and by 0.5% for consumer goods.

Compared with the same month in 2017, new manufacturing orders declined 0.9% after price and calendar adjustments.

The turnover in manufacturing decreased by 1.8% in July on the prior month, in price, calendar and seasonally adjusted terms. For June, adjusted manufacturing turnover fell 0.7% on May, as opposed to a 1.0% decline shown in preliminary figures.