German factory orders edge higher but miss forecasts

Factory orders in Germany increased by less than expected in November,, according to provisional figures released on Monday by the Federal Statistical Office, Destatis.

Price adjusted new orders in manufacturing rose by just 0.3% in the month of November, rebounding slightly after a revised 3.8% slump in October but well below the 1% increase expected by economists.

The headline increase was mostly due to an increase in large-scale orders as new orders excluding large-scale orders were down 0.6% during the month. Meanwhile, seasonal and calendar adjusted turnover across the manufacturing industry was 0.7% lower than October.

Factory orders, which include shipments, inventories, and new and unfilled orders, were down 4.5% in the three months to November, compared with the previous three months.

Compared with November 2022, orders were down 4.4%, as the annual decline eased from 7.3% in October.