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- Germany’s factory orders unexpectedly rise in July
Germany’s factory orders unexpectedly rise in July
The
Federal Statistical Office’s (Destatis) report revealed Monday that new orders
in the German manufacturing sector rose by 3.4 percent m-o-m in the seasonally
terms in July, following an upwardly revised 4.6 percent m-o-m surge in June
(originally a 4.1 percent m-o-m jump). Compared with February 2020, which was
the month before coronavirus restrictions were imposed in Germany, new orders were
15.7 percent higher.
Economists
had forecast a drop of a 1.0 percent m-o-m.
According
to the report, the July marked m-o-m advance was caused by major orders.
Excluding major orders, there was a decline of 0.2 percent m-o-m.
In
other survey results, the domestic orders rose 2.5 percent m-o-m in July.
Meanwhile, foreign orders surged 8.0 percent m-o-m as a 4.1 percent m-o-m fall
in new orders from the euro area was more than offset by a 15.7 percent m-o-m climb
in new orders from other countries.
New
orders for intermediate goods decreased 0.5 percent m-o-m in July, while orders
for consumer goods jumped 7.5 m-o-m and the orders for capital goods surged 5.4
percent m-o-m.
On
y-o-y basis, factory orders were up 24.4 percent in July.
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