Tuesday, January 12, 2010

Germany's VDMA: Nov New Orders -12% On Year Vs -29% In October

Germany's VDMA: Nov New Orders -12% On Year Vs -29% In October

FRANKFURT (Dow Jones)--The decline in incoming orders to Germany's engineering sector, the backbone of Europe's largest economy, slowed sharply in November, according to data released Tuesday by the VDMA industry association.

The VDMA said new orders in November were down only 12% from a year earlier, compared with a 29% drop year-on-year in October.

Domestic orders were down 8% from a year earlier, while export orders were down 12%.

"November's order inflows confirm again our assessment, that the sharp decline in machinery orders has come to an end," the VDMA's chief economist Ralph Wiechers said in a statement.

Wiechers noted that several sectors were now posting increases in order inflow in year-on-year terms, due in part to a very weak base month in November 2008, when the financial panic that followed the collapse of U.S. investment bank Lehman Brothers Inc. shattered business confidence and, consequently, big-ticket capital spending on new machinery.

On a rolling three-month basis, which smoothes out some of the volatility of the monthly data, new orders in the period September to November were down 25% from a year earlier, compared with a decline of 35% in the three months through October.

Web site: www.vdma.org

-By Geoffrey T. Smith, Dow Jones Newswires (+49 69) 29725-520; geoffrey.smith@dowjones.com

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