LONDON -- Factory orders in the 17 countries that share the euro rose in July at the weakest year-on-year pace since November 2009, as demand for goods eased across much of the region, data showed Thursday
. European Union's statistics agency Eurostat said new industrial orders fell 2.1% on the month in July and grew 8.4% on the year.
The annual gain was the lowest since a 2.6% year-on-year fall in November 2009, while the monthly decline was the biggest since a 4% drop in September 2010.
The July data compare with June's revised 1.2% monthly drop and a 10.6% increase on the year.
Orders are a forward looking indicator of industrial activity as they give an idea of the level of new business coming in, so the July data suggest official output likely weakened in the third quarter.
The official Eurostat data also support the weak numbers reported in the timely purchasing managers indexes compiled and published by financial data firm Markit.
Preliminary figures for September show that the manufacturing PMI slumped to 48.4 in September, while the composite PMI-which measures private sector activity across the euro zone-also signaled contraction, falling to 49.2, the lowest level since July 2009.
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