German industrial orders decline again

FRANKFURT, July 04 (AFP): German factory orders fell for a fifth consecutive month in May, official data showed Thursday, the latest sign that the recovery in Europe's biggest economy was struggling to gain momentum.
New orders, closely watched as an indicator of future business activity, dipped by 1.6 per cent month-on-month, according to federal statistics agency Destatis.
The decline surprised analysts, who had been expecting an uptick in orders. It was led by a 2.8-per cent fall in demand from abroad, while domestic orders rose by 0.5 per cent.
"Together with the recent deterioration in business expectations in the manufacturing sector, the continuing decline in incoming orders" points to "rather subdued" industrial activity in the months ahead, the economy ministry said in a statement.