German Factory Orders drop 1% MoM in June vs. +1% expected

Germany's Factory Orders unexpectedly dropped in June, suggesting that the country’s manufacturing sector downturn extended, according to the official data published by the Federal Statistics Office on Wednesday.

Over the month, contracts for goods ‘Made in Germany’ dropped 1% in June after declining 1.4% in May. Data missed the expected 1% rebound.

Germany’s Industrial Orders advanced 0.8% year-over-year (YoY) in June, compared with the previous growth of 5.3%.