German factory orders rebound in June

German factory orders rebounded in June as Europe's biggest economy revived from Coronavirus lockdowns, official figures showed

Orders rose 4.1% from the previous month in June on a price, seasonally and calendar adjusted basis, Destatis said. The figures were a turnaround from May when there was a 3.2% month-on-month drop.

June's figure was 26.2% higher than in the same month a year earlier. Excluding major orders, orders were up 1.7% from May.

Domestic orders rose 9.6%, boosted by major orders, and foreign orders were up 0.4%. Capital goods orders increased 6.8% and consumer goods fell 1.1%.

Real turnover fell 1.4% from a month earlier as supply problems took their toll and was down 6.7% from February 2020, the month before the pandemic hit.

"For several months, a trend of increasing new orders and stagnating turnover has been recorded," Destatis said. "The reason for this trend can be expected to have been a delivery bottleneck regarding intermediate products, which was reported for many branches."