Euro zone industrial orders defied expectations of a rise in January and fell month-on-month on a steep drop in capital goods, boding ill for investment and underscoring the fragility of an economic recovery.
Industrial orders in the 16-country currency bloc fell 2 per cent month-on-month after December's 0.8 per cent rise, European Union statistics office Eurostat said.
Orders rose 7.0 per cent year-on-year in January.
Economists polled by Reuters had on average expected a 1.9 per cent monthly increase and a 14.2 per cent annual gain.
The decline in orders was mainly due to a 6.8 per cent drop in demand for capital goods, used in investment.
Demand for non-durable consumer goods fell 2.1 per cent on the month, and orders for durable consumer goods rose only 0.6 per cent, pointing to continued weakness in consumer demand.
Reuters
