The German manufacturing orders rose significantly in August, mainly due to domestic demand, but also reported an increased requests from other Eurozone countries. The industrial orders in August rose by 1% MoM, taking into account seasonal factors. The increase of 2.6% in domestic demand and 4.1% of the requests from the euro zone have helped to offset the decline of 2.8% in orders from countries outside the Eurozone.
The data should bring some relief to German industry, where new orders have stalled winter. However, if the data do not follow this trend during the coming months, the German industrial sector will struggle to pass at high speed.
The report comes after in September the German business sentiment surged to the highest level in more than two years. This is a sign that corporate concerns over the consequences of Britain’s decision to leave the European Union are easing. Still, the number of Germans unemployed unexpectedly rose last month for the first time in more than a year, and the Bundesbank toned down its outlook, pointing to slower growth in the third quarter.
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