German factory orders drop 0.7 percent in July

MarketsAssociated Press

German factory orders declined in July over the previous month, dragged down by a fall in domestic demand.

The Federal Statistical Office said Wednesday that industrial orders dropped 0.7 percent in July according to seasonally adjusted figures. That followed a 0.9 percent rise in June.

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Domestic orders dropped 1.6 percent in July while foreign orders remained flat.

Germany's economy, the largest in Europe, has been performing strongly overall ahead of a Sept. 24 election in which Chancellor Angela Merkel is seeking a fourth term.