Big Jump In Euro Orders: Here’s A Different Look

Here’s the graph showing the big pickup in new orders. The data was “better then expected”. When you look at the second derivative or just the change (in a vacuum) you miss the bigger picture. In fact there was improvement, but orders are still way below where they were in 2007/8. Even below 2000 levels.

• Monthly changes
  In June 2009 compared with May 2009, new orders for capital goods grew by 5.6% in the euro area and by 0.9% in the EU27. Non-durable consumer goods increased by 3.1% and 1.6% respectively. Intermediate goods declined by 0.9% in the euro area and by 0.7% in the EU27. Durable consumer goods fell by 3.5% and 3.6% respectively.
  Among the Member States for which data are available, total manufacturing working on orders rose in eleven, fell in eight and remained stable in Portugal. The highest increases were registered in Ireland (+14.8%), Bulgaria (+13.8%) and Hungary (+13.1%), and the largest decreases in Denmark (-29.9%), Poland (-6.7%) and Lithuania (-4.9%).
  Annual changes
• In June 2009 compared with June 2008, new orders for intermediate goods decreased by 31.1% in the euro area and 29.5% in the EU27. Capital goods dropped by 25.9% and 25.3% respectively. Durable consumer goods declined by 22.2% in the euro area and by 16.8% in the EU27. Non-durable consumer goods rose by 0.3% and 2.2% respectively.
  Among the Member States for which data are available, total manufacturing working on orders fell in twenty and increased only in Ireland (+4.2%). The largest falls were registered in Lithuania (-41.3%), Greece (-36.2%), Finland (-34.5%), Slovenia (-34.4%) and Estonia (-33.7%).

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