Demand for German machinery saw "ridge of high pressure“

According to the less volatile three-month comparison, May to July 2013, incoming orders fell by four percent on a year earlier. Domestic orders dropped by three percent, foreign orders by five percent, the German Engineering Association (VDMA) reports. "In a rather reluctant economic environment, July saw German investments in machinery and plants up ten percent compared with the previous year. Such movements are by no means unusual, in particular after a row of weak months. There is good reason to be sceptical whether July marks the beginning of the long-awaited turning point. However, at least the contracting foreign demand could be largely compensated," VDMA Chief Economist Dr. Ralph Wiechers said when interpreting the result.