German manufacturing orders fall for seventh straight month

The latest data released by the German Ministry of Economy and Technology showed that, excluding price and seasonal factors, German manufacturing orders in June fell by 2.9% from the previous month, much lower than the market forecast of a 0.4% increase. This is the seventh consecutive month of declines in German manufacturing orders. In addition, revised data showed that German manufacturing orders fell by 1.4% in May, of which orders from abroad fell sharply by 5.1%, especially those from other countries in the euro zone fell the most, reaching 7.7%. Analysts said higher energy and food prices had led to sharp increases in manufacturing costs in Germany, while a strong euro and a slump in the world economy had weakened demand elsewhere. German manufacturing is facing the twin challenges of rising costs and falling demand.