German factory orders rise more than expected

German factors orders jumped in August as tech orders surged, only partially offsetting heavy falls the previous month as the country's deteriorating industrial sector continues to experience challenging conditions.

According to Germany's Federal Statistical Office, Destatis, factor orders were up 3.9% over the month in seasonally and calendar adjusted terms after a revised 11.3% drop in July (changed from the initial estimate of -11.7%).

The consensus estimate was for a smaller rise of 1.8%.

Compared with last August, orders were still down 4.2%, but that was a marked improvement on the revised 10.1% annual decline in July.

Destatis reported that August's comeback was mostly attributable to a 37.9% jump in order for computer, electronic and optical products, with growth in both domestic and foreign orders. Electrical equipment orders also helped, rising 8.7% while pharmaceutical order were up 4%.

On the downside, automotive orders were down 0.7%.