German Manufacturing Declines 2.2% in May, 8.6% Over Last Year

German factory orders decreased 2.2% in May from the previous month and are down 8.6% over last year, in the largest drop in a decade. New orders for consumer goods also saw a 0.7% decrease from April.

German officials said the sector will continue to be weak in the coming months. Analysts worry that it maybe a sign of a broader global slowdown. Some are predicting Europe’s largest economy may contract in the second quarter.

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