German Factory Orders Log Unexpected Growth
February 06 2024 - 2:48AM
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Germany's manufacturing new orders logged an unexpected rebound
in December on aircraft purchases but excluding larger orders,
demand declined from November suggesting the dire situation in the
industrial sector.
Elsewhere, survey data from S&P Global showed another sharp
contraction in the construction sector with sustained declines in
activity, new orders and employment.
Factory orders registered a monthly expansion of 8.9 percent
after remaining unchanged in November, figures from Destatis showed
on Tuesday. Orders were forecast to fall 0.1 percent.
However, excluding major orders, new factory orders declined 2.2
percent from November. The sharp increase was due to the surge in
demand for aircraft.
In the "manufacture of other transport equipment" sector, orders
posted a remarkable 110.9 percent increase.
There were also sharp increases in the manufacture of fabricated
metal products and electrical equipment. But new orders in the
automotive industry declined 14.7 percent.
Data showed that orders from domestic and foreign markets surged
9.4 percent and 8.5 percent, respectively.
Orders from the euro area posted a sharp increase of 34.5
percent. By contrast, demand from the rest of the world plunged 7.5
percent.
Among major sectors, orders in the capital goods sector climbed
10.9 percent and that in the intermediate goods sector gained 8.3
percent.
On the other hand, a drop of 1.3 percent was registered in the
consumer goods sector.
On a yearly basis, factory orders advanced 2.7 percent, in
contrast to the 4.7 percent decline a month ago.
In 2023 as a whole, industrial orders decreased 5.9 percent with
orders for intermediate goods posting a sharper decline than new
bookings for capital goods.
In December, manufacturing turnover slid 0.1 percent following a
0.7 percent drop in November. Year-on-year, turnover was down 3.1
percent.
The HCOB construction Purchasing Managers' Index fell to 36.3 in
January from 37.0 in December, survey data showed. The latest score
was one of the lowest in the series history and well below the
neutral 50.0 mark.
Among the three broad categories, housing activity remained the
worst performer and there was another deeper downturn in commercial
building works.
Meanwhile, the civil engineering activity declined at the
slowest rate in four months.
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