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Money SPOTANALYSIS economists on record-breaking industrial orders

11:35  05 june  2020
11:35  05 june  2020 Source:   fool.de

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Berlin, Jun 05 (Reuters) - New business has broken down at a record pace because of the corona crisis in German industry. In April, it collected 25.8 percent fewer orders than in the previous month, as the Federal Ministry of Economics announced on Friday. Economists surveyed by Reuters had only expected a drop of 19.7 percent. In initial reactions it said:

RALPH SOLVEEN, COMMERZBANK:

"As expected, the order intake of the industry plummeted in April with a minus of 25.8 percent compared to the previous month. There were considerable differences between the individual sectors So far, the survey results give little hope that the order situation improved significantly in May. "

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The Confederation of British Industry (CBI) Industrial Trends Orders measures the economic expectations of the manufacturing executives in the U.K. It is a leading indicator of business conditions. A level above zero indicates order volume is expected to increase; a level below zero indicates

Economists now expect that the economy has entered a recession and the trough will be in the second quarter, with many forecasts of a record double-digit decline in GDP. The economy is expected to be less impacted or in recovery in the third quarter, and then rebound in the fourth quarter.

ANDREAS SCHEUERLE, DEKABANK:

"The economic world is shaking. With the second record decline in a row, order intake in German industry collapsed as a result of the global lockdown. German industry has not received as many new orders since November 1998. The epicenter of the industrial quake was in the automotive industry, where the order level was the same as in 1993. After all, April should have marked the sad low point of the recession. " (Reporter: Rene Wagner edited by Georg Merziger If you have any questions, please contact the editorial team on telephone numbers 069-7565 1236 or 030-2888 5168)

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