German factory orders fall ahead of big ECB meeting
April orders hurt by weaker foreign investment-goods demand
Factory orders for Germany fell 2.1% in April, following two straight months of expansion, reports Bloomberg. The decline, down from 1.1% growth in March, missed median Bloomberg survey estimates of a 0.3% drop.
The often volatile measure was up 3.5% from the previous year.
“Slight upward momentum in output and sales as well as stellar business climate send strong signals for a continuation of the moderate upswing in manufacturing,” the Economy Ministry said in a statment.
The ECB is set to meet on Thursday, where policy makers will weigh in on whether the economic recovery is strong enough to begin a gradual unwinding of stimulus.