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Euro-Zone Industrial Orders Declined At a Record Pace as Recession Deepened
Monday, 22 December 2008 09:10:41 GMT
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Euro-Zone October industrial orders dropped 4.7% m/m and 15.1% y/y. The monthly drop was more pronounced than our forecast and median of -4.0% m/m and at the same time September data was revised down to -5.4% m/m and -1.9% y/y, from -3.9% m/m and -1.1% y/y, so that the numbers add to growth concerns and confirm that the Euro-Zone continued to contract in the last quarter of the year. The sector breakdown showed a 9.4% m/m decline in orders for transport equipment, which highlights the woes of the car industry in Europe. Data will add to pressures on the ECB to cut rates again and governments to implement further stimulus programs.
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