German factory orders rebound strongly
By Benjamin Chiou
Date: Wednesday 06 Nov 2024
(Sharecast News) - Factory orders in Germany unexpectedly jumped in September, rebounding sharply after a heavy fall the previous month, as orders for large transportation vessels surged.
Orders rose by 4.2% in September following a 5.4% drop in August, according to Federal Statistical Office Destatis, blowing past the consensus forecast of 1.5%
The monthly increase was mainly a result of substantial growth in the "manufacture of other transport equipment", comprising aircraft, ships, trains and military vehicles. Several large-scale orders in the sector more than doubled, jumping 117.1% over the month.
When large-scale orders are excluded, new orders rose by a lesser 2.2% over the month, with increases in automotive orders making up for falling orders of basic metals, and machinery and equipment.
Domestic orders were up 3.6% in September, while foreign orders rose 4.4%, with orders from the eurozone up 14.6% but down 1.6% from the rest of the world.
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