German Factory Orders Rebound

New orders for goods made by German manufacturers rose in February led by domestic demand for intermediate goods, fresh survey data has shown. New orders in manufacturing, according to seasonally and working-day adjusted figures, increased 3.4% in February from January, Germany’s federal statistics agency Destatis said on Thursday. In January orders had plunged 6.8% from the previous month, which was revised up from a 7.4% decline that the office had earlier estimated. The monthly gain was, nevertheless, slightly below the 4% gain expected by economists, according to a survey on investing.com.

The uptick was supported by domestic orders, which jumped 8.1% in the month, while orders from abroad were unchanged, the data showed. Orders for intermediate goods rose by 8.5% from January, consumer goods orders rose by 2.7% from the previous month and capital goods orders were 0.3% higher.

By Chris Robinson