Overview
- Service-sector revenue excluding finance and insurance fell 0.5% month over month in August in both real and nominal terms, while rising 0.2% year over year in real terms and 1.6% nominally.
- Manufacturing orders increased 1.1% in September from August on a seasonally and calendar-adjusted basis, or 1.9% when excluding large orders, but were 4.3% below a year earlier.
- Real manufacturing turnover declined 2.1% from August to September and was 2.7% lower than a year earlier on a calendar-adjusted basis.
- September’s order gain was driven by autos (+3.2%), electrical equipment (+9.5%) and other vehicle construction (+7.5%), offset by a 19.0% drop in metal products.
- Destatis replaced earlier estimates with administrative VAT filings, leading to larger revisions such as July services moving to a 0.7% monthly increase from an initially reported 0.3% decline.