Overview

• Real orders increased 1.9% from June and 8.7% from a year earlier, with nominal orders up 11.4%, according to Destatis.
• Building construction orders fell 5.8% month over month but rose 10.9% year over year, while civil engineering climbed 8.9% on the month and 6.7% on the year.
• Momentum remains uneven, as the May–July period showed a 1.0% decline versus the previous three months.
• Industry revenue rose 1.4% in real terms year over year in July and 4.1% nominally to €11.1 billion, bringing January–July real growth to 2.1%.
• Employment increased 1.2% from a year earlier, with ZDB citing stabilizing residential orders and the Ifo index indicating improved sentiment in September.