German orders unexpectedly declined by 0.4% in June. Economists expected a 0.5% rise.

Wait a second, aren’t these the same economists who said Brexit would be a disaster?

Well don’t worry about that. This is just one of those globally unexpected soft patches.

Please consider German Factory Orders Slide Amid Dwindling Euro-Region Demand.

German factory orders unexpectedly declined in June as demand for investment goods from within the euro area slumped in the run-up to Britain’s referendum on European Union membership.

Orders, adjusted for seasonal swings and inflation, fell 0.4 percent from May, when they rose a revised 0.1 percent, data from the Economy Ministry in Berlin showed on Friday. That’s the third consecutive month demand remained below economists’ estimates. The median in a Bloomberg survey was for an increase of 0.5 percent. Orders dropped 3.1 percent from a year earlier.

The Bundesbank has reassured investors that Germany’s economy merely took a breather in the second quarter and Britons’ vote to quit the EU hasn’t fundamentally changed the outlook for a growth pick-up in the current period.

All these people who told us what a disaster Brexit would be, now say it’s “Just a Breather” (starting three months ago).

What a joke.

Mike “Mish” Shedlock