German factory orders rise more than expected in December
Orders were up 5.2% from the previous month, when they declined a revised 3.6%, beating analysts' expectations for a much more modest 0.7% gain. On the year, meanwhile, orders were up 8.1%.
Domestic orders increased by 6.7% and foreign orders by 3.9% on the previous month. New orders from the eurozone were up 10% from November, while new orders from other countries remained unchanged compared to the previous month.
Pantheon Macroeconomics said: "A sizzling headline, despite the sizeable downward revision to the November data. The surge in December mainly was due to domestic orders which jumped 6.7% month-to-month, chiefly due to a 14.7% leap in capital goods orders.
"These data almost certainly will mean-revert next month. The statistical office notes that overall manufacturing orders, ex-major orders, rose 'only' 0.4% month-to-month.
"It is also worth noting that consumer and intermediate goods orders both fell month-to-month in December. German manufacturing is in good shape, but these data flatter the sector." ■