Workers at a plant stand for new orders in the manufacturing sector

© Monty Rakusen/cultura/Corbis

According to the Federal Statistical Office [1], new manufacturing orders rose between August and September by 1.3%. [2] Domestic orders and orders from the non-eurozone increased by 1.6% and 3.0% respectively. In contrast, orders from the eurozone declined (-1.8%). After an average number of large-scale orders in the preceding month, their proportion was again above average in September. Excluding large-scale orders, orders grew by 1.5%.

Taking the third quarter as a whole, new manufacturing orders fell by 1.0% compared with the preceding quarter. At the end of the third quarter, the number of orders was slightly higher than the average of the quarter.

The development of new manufacturing orders is a rather good starting point for the last quarter of the year. The restrained business expectations have also brightened recently. Both trends are a signal that orders may be bottoming out.

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[1] Press release by the Federal Statistical Office of 6 November 2019.
[2] All figures are based on provisional data and have been adjusted for price, calendar day and seasonal factors (X13 JDemetra+ procedure).