Just on Friday we reported about new orders, which in May were -8.6% down compared to the previous year. Today the Federal Statistical Office is presenting figures for industrial production (production in the manufacturing sector) from the month of May. In the foreground and headline of their report the statisticians place the less meaningful figures of the monthly comparison, namely from April to May. Here there is a plus of 0.3%.
But in a year-on-year comparison from May 2018 to May 2019, production is down by 3.7%! In April it was already a year-on-year decline of 2.3%. So the weak incoming orders are now arriving with full force in the actual production!