German Factory Orders Rebound In June

Germany's factory orders rebounded in June due to the significant improvement in the auto industry, data from Destatis showed on Tuesday.Manufacturing orders increased by more-than-expected 3.9 perc...

RTT Staff Writer•Tuesday, August 6, 2024•1 min read

Germany’s factory orders rebounded in June due to the significant improvement in the auto industry, data from Destatis showed on Tuesday.

Manufacturing orders increased by more-than-expected 3.9 percent on a monthly basis in June, in contrast to the revised 1.7 percent decrease in May. Orders were forecast to climb only 0.7 percent.

Excluding large orders, factory orders were 3.3 percent higher than in May.

Data showed that orders in the automotive industry surged 9.3 percent on month.

New orders in the capital goods sector advanced 9.2 percent, while orders in intermediate goods and consumer goods sectors decreased 1.5 percent and 7.1 percent, respectively.

Further, the increase in overall manufacturing orders was attributable to domestic orders, which advanced 9.1 percent. Foreign orders grew only 0.4 percent.

In the second quarter, factory orders posted a quarterly decline of 1.4 percent.

Real turnover in manufacturing was down 0.9 percent on month, worse than the 0.3 percent fall seen in May. Annually, the decline in turnover was 5.0 percent in June.