Above are the latest numbers on Eurozone industrial new orders, including the latest data point - July - which just came out today. As you can see July has a drop which could be the beginning of a new downtrend, but which is also not so big that it might not be just noise. Indeed the report notes:
In July 2011 compared with June 2011, the euro area (EA17) industrial new orders index fell by 2.1%. In June the index dropped by 1.2%. In the EU27 new orders decreased by 0.8% in July 2011, after a fall of 0.8% also in June. Excluding ships, railway, and aerospace equipment, for which changes tend to be more volatile, industrial new orders rose by 1.4% in the euro area and by 0.9% in the EU27.Either way, this index is still not back to it's pre-recession high. It will be very interesting to find out what this series did in August.