More evidence that the recession in Europe is getting quite bad.
Just an awful Italian industrial orders.
Here's the text of the announcement from Istat run through Google Translate:
In September, the industry sales, seasonally adjusted, showed a reduction of 4.2% compared to August, with a decrease of 3.7% in the domestic market and 5.3% of the foreign market. Average of the last three months, the overall index recorded a decrease of 0.4% compared to the previous three months.
Adjusted for calendar effects (working days were 20 against 22 September 2011), in September the total revenue decreases in trend terms by 5.4%, with declines of 7.7% in the domestic market and 0, 1% on foreign markets.
The seasonally adjusted index of sales declines mark for short-term energy (-9.6%), capital goods (-4.7%), intermediate goods (-4.5%) and consumer goods (-1.5%). The raw index of turnover decreases, in trend terms, 11, 0%, the largest contribution to this decrease comes from the domestic component of intermediate goods. The increase trend of increased revenue is recorded in the field of food, beverages and tobacco (+1.9%), while the decrease more pronounced concerns metallurgy and manufacture of metal products (-15.5%).
With regard to the total orders, there is a cyclical downturn of 4.0%, a combination of a drop of 1 to 4% of domestic orders and 7.4% of those from abroad. Average of the last three months the total orders increased by 0.7% compared to the previous quarter. Compared with September 2011, the raw index of orders marks a decrease of 12.8%. In any industry the raw index shows improvements in orders. The greatest fall is recorded in metallurgy and manufacture of metal products (-18.4%).
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