Orders for Germany's important manufacturing sector surged in August, more than compensating for July's unexpected decline, reflecting a solid upswing in the sector.
The German economics ministry said Friday that total manufacturing orders increased 3.6% compared with July, adjusted for seasonal swings and calendar effects.
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Economists polled by The Wall Street Journal had forecast a 0.9% rise.
Strong orders books, sound business sentiment and a favorable development in corporate sales paint a "positive picture," the ministry said. "The solid upswing in the manufacturing sector is thus likely to continue," it added.
Orders from outside the eurozone remained strong in August, surging 7.7% compared with July, while eurozone orders registered their third consecutive monthly decline.
Domestic orders increased 2.7% on the month, following a 1.4% drop in July.
Demand for intermediate goods and consumer goods was particularly strong in August, as the share of bulk orders was below average, according to the ministry.
Total orders were up 7.8% compared with August 2016, taking account of calendar effects.
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(END) Dow Jones Newswires
October 06, 2017 02:40 ET (06:40 GMT)