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January slump in euro zone orders

Euro zone - 34% drop in orders
Euro zone - 34% drop in orders

Factories in the 16 nations sharing the euro saw demand slump further in January in the face of a dire recession.

New industrial orders fell 3.4% in January over December, bringing the drop over 12 months to 34.1%, the European Union's Eurostat data agency said.

Economists had expected orders would fall 5.0% over one month and 25% over one year.

The January slump, marking the sixth-straight month of decline, came after orders plunged 8.0% in December over one month and 23.8% over one year, Eurostat said, revising the data deeper into negative territory.

In the 27-nation European Union, new industrial orders fell 2.2% in January and 30.7% over 12 months.

Slovakia adopted the euro at the start of the year, swelling the ranks of the euro zone to 16 members.