Germany November factory orders +3.7% vs +2.1% m/m expected

  • Prior -6.9%; revised to -5.8%
  • Germany factory orders WDA +1.3% y/y
  • Prior -1.0%; revised to +0.1%

That’s a marked improvement after the slump in October, owing to a jump in new orders for manufacture of other transport equipment (aircraft, ships, trains etc.) (+32.0%). In the bigger picture, new orders in November were 6.6% higher than pre-pandemic levels i.e. February 2020. That said, despite a 4.1% increase in manufacturing turnover on the month, it is still 3.4% below pre-pandemic levels.

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