Chart 107

Large decline in German manufacturing orders in June – primarily caused by investment goods and from the domestic market and euro area. Seasonality could be a factor, but it is not a very good sign after a weak period.

Chart 106

Annual growth in US manufacturing employment is now close to 300K – the highest since the 1990s. Production is more diverse with food adding jobs (a lot of low-productivity artisan foodshops), which is also a reflect of changing household spending habits