ZURICH (MaceNews) – Demand for German manufactured goods rose 4.1 percent in June from the previous month, driven by large orders, the Federal Statistics (Destatis) office in Wiesbaden reported.
The result far exceeded expectations, with the median of and Econoday survey of economists’ forecasts calling for a 1.5 percent gain, and reversing the revised decline in May of 3.2 (-3.7%).
Excluding the large orders, Destatis said orders rose a more modest 1.7 percent on the month. In comparison to February 2020, orders are 11.2 percent higher in June.
From a year ago, orders were 54.9 percent higher on a price and calendar adjusted basis.
Orders by sector:
- Intermediate goods +1.4% M/m
- Capital goods +6.8% M/m
- Consumer goods -1.1% M/m
Orders by region:
- Domestic +9.6% M/m
- Foreign +0.4% M/m
- Euro area +1.3% M/m
- Other countries -1.1% M/m
Manufacturing orders are seen as a leading indicator for industrial production which will be reported tomorrow at 8:00am Central European Time.
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