German Factory Orders drop 1.6% MoM in May vs. 0.5% expected

Germany’s Factory Orders unexpectedly fell in May, according to the official data published by the Federal Statistics Office on Thursday, suggesting that the German manufacturing sector recovery is in the doldrums.

Over the month, contracts for goods ‘Made in Germany’ dropped 1.6%, having registered a 0.2% decline in April while missing the estimates of 0.5%.