Germany recorded a 4.5% rise in new orders for August, surpassing analysts’ expected 2.8% increase, according to press release. The rise in factory orders driven by demand abroad. Export orders delivered a boost with investment goods from the euro area up more than 20%. August’s rise was higher from a 2.2% slump the same month last year.
- Economic recovery expected to progress for the rest of the year, although at a slower pace.
- Domestic orders rose by 1.7% while foreign orders increased by 6.5% in August
- New orders in euro area up by 14.6% and from other countries up by 1.5% in August
- New orders for intermediate goods were up 4.5%, capital goods up 4.7%, while consumer goods were up 4.2%
- New orders in machinery and equipment were up 11.4% but still 5.8% below February 2020 level.
- August manufacturing new orders still 3.6% below pre-crisis level.
European stocks and the Euro slightly declined despite German’s manufacturing report. DAX is down 0.26%, EURUSD is down 0.03%
