German factory orders fall less than expected
By Benjamin Chiou
Date: Thursday 05 Dec 2024
(Sharecast News) - Factory orders in Germany slipped back in October after an upwardly revised surge the previous month, according to figures out on Thursday from Destatis.
The Federal Statistical Office reported a 1.5% decrease in German factory orders over October, slightly less than the 2.0% decline expected by analysts.
Orders in the manufacture of machinery and equipment were down 7.6% over the month, while automotive orders fell 3.7%. However, this was partly offset by a 10.2% jump in the manufacture of basic metals and an 8.0% increase in orders for computer, electronic and optical products.
Domestic orders were 5.3% lower while total foreign orders rose 0.8%, as a 7.6% drop in new orders from the eurozone outweighed by a 6.3% jump in orders from outside the single-currency region.
October's overall decline in factory orders followed a 7.2% jump in orders in September - a sharp upwards revision from the 4.2% increase originally reported - the strongest growth since December 2023. The revision was due a large-scale order in the manufacture of ships that was reported late.
Compared with last October, orders were up 5.7%, picking up from the 4.2% annual gain seen in September.
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