Subdued German Manufacturing indicator - Factory orders

German orders send ominous signals as they drop for the third consecutive month in September. Orders are not just falling; they are decelerating with successively larger annualized negative rates of growth from 12-month to six-month to three-month. This weakness is led by the international sector where the three-month annual rate of decline is -33.4% and the six-month rate is -18.4%. German domestic orders are still hovering at low growth rates: 2.4% for three-month, 1.2% for six-month and 3.2% for 12-month.