Overview

• Preliminary data show a 0.8% month-on-month decline in August, which German media noted marked a fourth straight fall in orders.
• In the three-month comparison, orders were 2.3% lower than the prior period, or 2.0% when large contracts are excluded.
• Automotive (-6.4%), data-processing/electronic/optical goods (-11.5%) and pharmaceuticals (-13.5%) weighed on the headline, while metal products (+15.4%), other vehicle construction (+17.1%) and electrical equipment (+7.2%) rose.
• Domestic bookings increased 4.7% as foreign demand fell 4.1%, including declines from both eurozone (-2.9%) and non-eurozone (-5.0%) markets.
• Real manufacturing turnover fell 0.8% from July and 1.1% year over year, and July results were revised lower, including a turnover adjustment linked to a machinery-sector correction.