Germany Factory Orders Below Forecasts
German new manufacturing orders surged 10.4 percent month-over-month in May of 2020, following an upwardly revised 26.2 percent drop in the previous month which was the highest on record. May's reading is the second highest ever after the coronavirus lockdown was lifted. However, figures came below market forecasts of a 15 percent surge and factory orders are still 30.8 percent lower than in February, the month before restrictions were imposed. Foreign orders rose 8.8 percent, due to higher demand from both the Euro Area (20.9 percent) and other countries (2 percent). Also, domestic orders jumped 12.3 percent. By category, demand expanded for capital (20.3 percent), intermediate (0.4 percent), and consumer goods (4.7 percent). In addition, new orders in the automotive industry increased again markedly in May 2020, after very low levels in April 2020 but were still more than 47 percent lower than in February 2020. Year-on-year, factory orders were down 29.3 percent.
15 hours ago