German Factory Orders Unexpectedly Climb For Third Month On Foreign Demand
December 06 2018 - 3:28AM
RTTF2
Germany's manufacturing orders increased for a third straight
month in October, defying expectations for a decline, led by strong
foreign demand despite the global trade uncertainties.
Factory orders grew 0.3 percent from September, preliminary data
from the Federal Statistical Office showed on Thursday, while
economists' had forecast a 0.4 percent fall.
September's 0.3 percent gain was revised to a 0.1 percent
increase. Orders rose 2.3 percent in August.
Though the negative impact of the WLTP emissions test
implementation in the automotive industry is still clearly
noticeable at the start of the fourth quarter, the progress is
recognizable, the Economy Ministry said.
"Incoming orders in the automotive industry have picked up
noticeably since their low point in July, and the registration
backlog has gradually dissolved," the ministry added.
Domestic orders fell 3.2 percent, while foreign bookings grew
2.9 percent. Demand from Eurozone increased 7.3 percent and orders
from others countries rose 0.3 percent.
Meanwhile, the latest purchasing managers' survey showed that
manufacturing growth fell to a 31-month low in November as new
orders fell for a second straight month and at the fastest pace in
four years.
The survey found that overall export sales decreased for a third
straight month, and to the greatest extent since June 2013, with
several firms reporting a drop in orders from China.
On a year-on-year basis, factory orders declined 2.7 percent in
October, official figures showed, which was less severe fall than
the 3.1 percent slump economists had predicted.
The pace of decrease for September was revised to 2.6 percent
from 2.2 percent.
Manufacturing turnover grew a seasonally adjusted 1 percent
month-on-month in October. September's decline was revised to 1
percent from 1.1 percent.
Elsewhere on Thursday, survey data from IHS Markit showed that
the German construction sector returned to growth in November amid
the fastest increase i new orders in nine months.
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