German factory orders register sharp decline in August

BERLIN (AP) — Official figures show that factory orders in Germany plummeted 7.7% in August compared with the previous month, led by much lower demand from countries outside the eurozone. The drop in orders is a leading indicator for Europe’s biggest economy. It followed month-on-month gains of 4.6% in June and 4.9% in July. The Economy Ministry said Wednesday that orders from inside Germany were down 5.2%, while those from non-eurozone countries were off 15.2%. Orders from Germany’s partners in the 19-nation eurozone were up 1.6%. The ministry said the drop may be due in part to big bulk orders in July and to the fact that summer vacations at many automakers fell in August this year.