Germany’s August manufacturing orders plunged 1.3 per cent in August, which was worse than the 0.5 per cent decline expected by economists.
Weakness came from within — domestic orders plunged 3.0 per cent.
Last month, a survey of German business confidence fell to its lowest level since February 2010. “Taken at face value, this would suggest GDP growth of about zero in Q3,” wrote SocGen economist Klaus Baader.
Meanwhile, Germans are beginning to freak out about inflation.
Here’s a longer term look at manufacturing from Markit’s Chris Williamson: