Germany's VDMA reports a 11% drop in engineering orders in October from the previous year
Germany's engineering body VDMA with more rough news for the manufacturing sector in the country
In the middle of this year, factory orders were down by about 3% y/y so this is continuing to show some extended worries for the German manufacturing sector in Q4.
VDMA notes that domestic orders are down 13% while foreign orders are down by 10% relative to a year ago. On the worsening trend, they mention that many customers are holding back on investments due to global economic worries; adding that:
"The latest signs of hope for an end to the German industry's economic downturn are not yet having an effect on the order books of mechanical engineering companies."