German industrial orders rise slower than expected
SPY•German industrial orders rose 4.4% in September from August, below analysts’ 4.8% forecast. Automotive orders increased 10.5%, while revised August orders fell 10.1%.
1. September orders increase
German industrial orders rose 4.4% in September from the previous month on a seasonally and calendar-adjusted basis, the federal statistics office said. The increase was below the 4.8% rise forecast in a poll of analysts.
2. Automotive orders lead
Automotive orders rose 10.5%, partly reflecting low orders and production in the prior two months due to production changeovers and factory holidays. Machinery and equipment orders grew 8.3%, with a large-scale order contributing.
3. Quarterly and August data
Total new orders were 0.2% higher in the third quarter than in the second. Revised data showed that August orders fell 10.1% from July, compared with a provisional decline of 10.6%.
