According to the Federal Statistical Office [1], new manufacturing orders fell between October and November by 2.4% in price-, calender- and seasonally adjusted terms [2]. The proportion of large-scale orders was well below average. Orders of capital and intermediate goods dropped by 3.1 % and 2.3% respectively, whereas orders of consumer goods rose by 2.6%. The decline in orders mainly came from Germany (-4.7%). Foreign orders softened by 0.7%, despite substantial large orders from the eurozone.
New orders are trending slightly upwards. As an average for the last three months, their volume was 0.9% higher than in the corresponding preceding period. At the same time, domestic orders weakened somewhat (-0.7%). In contrast, orders from abroad expanded (+2.0%). Orders from the eurozone in particular rose sharply in the three-month comparison, by 3.0%.
Overall, industrial orders have seen a slightly positive development since the middle of the year, despite the current decline. The prospects for a rise in orders in the final quarter of the year are generally good. The brightening in the indicators of sentiment for industry at the end of the year underlines this assessment.
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[1] Press release by the Federal Statistical Office of 8 January 2015.
[2] Preliminary data; Census X-12-ARIMA seasonal adjustment method.
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