FXstreet.com (Barcelona) - Tough times ahead for the Euro Area's industrial sector, according to November's industrial new order's figures, which posted in November their biggest drop on record, according to data released by the European Statistics Office.

Industrial new orders have posted a 4.5% decline in November from October, following a revised 5.7% fall in October, revised up from the 4.7% decline previously estimated.

Year on year, industrial orders are going from record drop to record drop, in November orders have dropped 26.2% compared to November last year a widely deeper decline than the 15.1% posted in October, the previous record decline.

Orders for transport equipment, machinery and equipment and, basic metals and metal products manufactured in Europe have suffered the hardest drops, while orders for textiles were the only positive ones, increasing 1.6%.