German factory orders see 2nd big drop in 3 months

BERLIN (AP) — Official statistics show that German factory orders dropped steeply in October, pushed down by much lower demand from countries outside the euro area. The Economy Ministry said orders were down 6.9% compared with the previous month, the second big drop in three months. But it said that recent developments shouldn’t be overinterpreted because the index is volatile at the moment. Orders fell 8.8% in August and gained 1.8% in September. Factory orders are an important indicator for the German economy, Europe’s biggest. The latest figures come as business confidence is weighed down by persistent supply-chain bottlenecks and a resurgence of coronavirus infections.