Germany’s factory orders top estimates in August

According to data released by Germany’s Federal Statistical Office, Destatis, the country’s factory orders grew at a faster pace than expected in August. Factory orders rose 1% on a seasonally adjusted basis in August following a revised increase of 0.3% in July. Economists’ initial expectations had called for a gain of 0.2% in August.

The data also revealed that new orders from the euro zone increased 4.1% on a monthly basis, while new orders from other nations decreased 2.8% from July. Meanwhile, consumer-goods orders from the eurozone rose 2.9 % in August. Orders for domestic investment goods also climbed 2.6% from a month earlier.

Plus, the price-adjusted turnover in manufacturing rose 4.1 percent on a seasonally adjusted basis in August, posting the highest increase since 1991.