German November Factory Orders Probably Fell 0.6%,

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German November Factory Orders Probably Fell 0.6%,

 
10.01.03 08:34

Berlin, Nov. 10 (Bloomberg) -- German factory orders probably declined in November for the second time in three months, adding to signs Europe's largest economy may have contracted in the final quarter of last year.

Orders to factories, whose production accounts for about a fifth of the economy, fell 0.6 percent from October, according to the median forecast of 17 economists surveyed by Bloomberg News. The Economy and Labor Ministry will publish the report between 11 a.m. and noon Berlin time today.

``Demand in Germany is weak, executives are pessimistic and hesitate to invest'' in new machinery and equipment, said Dieter Wermuth, an economist at UFJ Bank Ltd. in Frankfurt and a former member of the government's panel of economic advisers, or ``Five Wise Men.'' ``Things would be worse if it hadn't been for the lower exchange rate of the euro last year.''

German business confidence fell to an 11-month low and unemployment rose to a 4 1/2-year high last month. That raises the risk of a second recession in two years. All the country's six leading economic institutes have pared their growth forecasts for this year to about 1 percent or less.

Adam Opel AG, General Motors Corp.'s German unit, is scaling back production capacity by 15 percent in an attempt to return to profit. Mercedes and Smart sales probably won't grow this year, Juergen Hubbert, head of the two DaimlerChrysler AG divisions, said at the Detroit car show.

Unemployment Rose

Economics and Labor Minister Wolfgang Clement yesterday said growth this year may be as little as 0.6 percent.

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