Incoming orders fall more moderately than expected

According to the Federal Statistical Office, German industry recorded a slight decline in orders of 1.5 percent in October, but positive revisions for the previous month and surprisingly strong annual figures are creating optimism.

Wiesbaden (dpa) - Orders in German industry fell again slightly in October after a comparatively strong increase in the previous month. Orders in the manufacturing sector fell by 1.5 percent month-on-month, according to the Federal Statistical Office (Destatis) in Wiesbaden. Analysts had expected a stronger decline of 2.0 percent.

However, incoming orders in the previous month were significantly better than previously reported. The Federal Office revised the increase in September significantly upwards to 7.2%. Previously, an increase of 4.2 percent had been reported.

In a year-on-year comparison, the trend in October was also better than expected. The Federal Office reported an increase of 5.7%. Analysts had only expected an increase of 1.8%.

Large orders also distorted the trend in October. According to the Federal Office, orders would have been 0.1% higher than in the previous month if major orders had not been taken into account. In a longer-term comparison of three months, the overall trend was positive. In the period between August and October, orders were 2.7% higher overall than in the previous three months.

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