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German Factory Orders Unexpectedly Drop For Second Month

Germany's factory orders decreased for a second straight month in December and at a faster pace, defying expectations for a modest gain, preliminary data from the Federal Statistical Office showed on Wednesday.

Manufacturing orders decreased a calendar and seasonally adjusted 1.6 percent from the previous month, while they were forecast to rise 0.3 percent.

The latest fall was the most since June, when orders shrunk 3.6 percent.

The monthly decline for November was revised down to 0.2 percent from 1 percent reported initially.

Domestic orders decreased 0.6 percent and foreign orders fell 2.3 percent in December on the previous month. Demand from the euro area grew 3.2 percent, while that from other countries declined 5.5 e percent.

Orders for intermediate goods fell 1.2 percent and those for capital goods decreased 2.5 percent. In contrast, demand for capital goods grew 4.2 percent.

Excluding major bookings, factory orders climbed a 3.5 percent from the previous month.

Compared to the same month a year ago, factory orders decreased 7 percent in December following a 3.4 percent slump in November, which was revised from 4.3 percent. Economists had expected a 6.7 percent decline.

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