ICYMI: New figures show Germany's industrial orders took a surprise tumble
A pandemic-related scarcity of microchips and other electronic components has caused massive supply bottlenecks and production problems in Germany's mighty automobile industry and other important sectors of the economy.
"After incoming orders climbed to an all-time high in mid-2021, the index has lost more than 16 points in recent months," the economy ministry said, adding that the second sharp decline within three months put a further damper on the economic outlook. Excluding distorting factors from bookings for big ticket items such as planes, industrial orders were still down 1.8%, the data showed.
"New lockdowns in Asia are slowing industry in Germany," VP Bank analyst Thomas Gitzel said. He added that the current wave of coronavirus infections across the globe was putting a renewed burden on the world economy.
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