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Financial News: German Factory Orders Grow Unexpectedly In September

German Factory Orders Grow Unexpectedly In September

11/06/2017 - 07:11:00 (RTTNews)

(RTTNews) - Germany's factory orders increased unexpectedly in September driven by foreign demand, while domestic orders remained weak.

Factory orders grew 1 percent month-on-month in September, but slower than August's revised 4.1 percent increase, data from Destatis revealed Monday. This was the second consecutive rise and came in contrast to the expected decrease of 1.1 percent.

Excluding major orders in manufacturing, new bookings increased 1.3 percent on month in September.

Domestic orders fell 0.1 percent on month, while foreign orders increased 1.7 percent in September. Orders from euro area climbed 6.3 percent and those from other countries dropped 1 percent.

For the coming months, the increase in order intake signals another sharp increase in industrial production, although September is expected to post a month-on-month decline due to a special effect, Commerzbank analyst Ralph Solveen said.

The economy ministry said the improved business climate indicates that the recovery in the manufacturing sector will continue.

Germany's industrial production data is due on November 7. Production is forecast to fall 0.8 percent on month, in contrast to August's 2.6 percent increase.

New orders for intermediate goods decreased 4 percent, while those for capital goods increased 4.9 percent. For consumer goods, a decrease in new orders of 2.8 percent was registered.

Year-on-year, factory orders advanced 9.5 percent in September, faster than the 8.3 percent increase seen in August.

Further, data showed that manufacturing turnover slid 1.8 percent month-on-month, reversing a 3.5 percent rise in August.

According to the Sentix investor confidence survey, sentiment in Germany hit an all-time high in November.

The corresponding index advanced to 42.4 in November from 37.7 in the previous month as the current situation rose to a record high and expectations gained moderately.

Elsewhere, the Purchasing Managers' survey from IHS Markit showed that the Germany's private sector growth moderated from September's 77-month high. The composite output index fell to 56.6 in October from 57.7 a month ago.

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