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Thursday, June 25, 2009

Euro-Zone New Orders Plunge

Guardian reports:

Euro zone industrial orders plunged by more than a third year-on-year in April, a record decline led by capital and intermediate goods that pointed to continued contraction of the economy, data showed on Thursday.

Orders fell 1.0 percent month-on-month for a 35.5 percent annual drop, European Union statistics office Eurostat said. Economists polled by Reuters had expected a flat monthly reading and a 32.3 percent year-on-year fall.

"If you play the 'green shoot' game, it is better to avoid the hard data," said Martin van Vliet, economist at ING.

Source: Eurostat