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Seasonally and price-adjusted new factory orders in Germany contracted by 1.6% in May compared to the previous month, the country's Federal Statistical Office Destatis revealed in a report published on Thursday. New orders slumped by 8.6% year-over-year.
Orders in the sector manufacturing transport equipment, including trains, aircraft, and ships, sank 19.2% on a monthly basis. The automotive industry also saw a 2.9% drop in new orders. In the reported month, new orders of capital goods fell 4.