Data published by the Federal Statistical Office (Destatis) showed that in October, factory orders fell by 1.5% after jumping by 7.2% in September (revised from +4.2%). Economists had expected a 2.0% decrease. Meanwhile, over the last three months (through October), factory orders rose by 2.7% compared to the previous three months. When large-scale orders are excluded, new orders increased by 0.1% compared to September, and fell by 0.7% q/q over a three-month period.
Destatis said that the negative development of total new orders is attributable to declines recorded in the manufacture of machinery and equipment (-7.6%) and in the automotive industry (-3.7%). Increases observed in the manufacture of basic metals (+10.2%) and the manufacture of computer, electronic and optical products (+8.0%) had a positive impact on the overall result.
As for sectors, new orders fell in the capital goods sector (-3.6% m/m), but rose in the consumer goods sector (+4.2% m/m) and in the intermediate goods sector (+0.9% m/m).
Meanwhile, foreign orders increased by 0.8% m/m, while new orders from the euro area fell by 7.6% m/m. New orders from the rest of the world increased by 6.3% m/m, while domestic orders decreased by 5.3% m/m.