German factory orders grow sharply in December

German factory orders grow sharply in December. According the Federal Statistical Office, the provisional data showed that the price-adjusted new orders in manufacturing increased a seasonally and working-day adjusted 5.2 percent in December from November. November’s data was revised down to a decline of 3.6 percent when compared with October’s. Consensus expectations were for a rise of 0.5 percent. Price-adjusted new orders without major orders in manufacturing rose 0.4 percent sequentially in December.

Domestic orders were up 6.7 percent sequentially in December, while foreign orders grew 3.9 percent month-on-month. Meanwhile, new orders from the euro area rose 10 percent sequentially, whereas new orders from other nations stayed unchanged. Manufacturers of intermediate goods witnessed a decline in new orders by 0.6 percent, whereas the capital goods manufacturers saw a rise of 9.7 percent sequentially. Manufacturers of consumer goods saw a decline in new orders of 1.8 percent.

The price-adjusted turnover dropped 2.9 percent in December from the prior month. The corrected figures for November indicate a rise of 0.7 percent.