German manufacturing orders for November beat expectations

German manufacturing orders rose more sharply than expected in November, according to data released by Destatis.

Orders were up a seasonally-adjusted 1.5% on the month compared with economists’ expectations for a 0.3% increase.

Domestic orders were 2.6% higher while foreign orders rose 0.6% on the previous month.

New orders from the Eurozone were down 0.5% on the previous month, while new orders from other countries increased 1.4%.

“A very strong headline considering the 1.7% month-to-month gain in October, and much better than we expected,” said Pantheon Macroeconomics.

“Overall, these data are heavily revised, and we suspect that either a large portion of the November gain will be revised away next month, or that new orders will fall in December. But as it is, and assuming no further change in Q4, the data indicate that new orders rose a healthy 1.2% quarter-on-quarter in Q4.”