German factory orders up again in October, beat forecasts

Factory orders in Germany, Europe's biggest economy, rose for the sixth consecutive month in October and exceeded economists' expectations, official data released Friday showed. Orders were up 2.9 per cent compared with the previous month, the Economy Ministry said.

Factory orders in Germany, Europe's biggest economy, rose for the sixth consecutive month in October and exceeded economists' expectations, official data released Friday showed. Orders were up 2.9 per cent compared with the previous month, the Economy Ministry said. That compared with economists' forecast of 1.5 per cent. It followed gains of 4.9 per cent in August and 1.1 per cent in September.

Demand for investment goods such as factory machinery led the gains in October, while orders for consumer goods were down. Orders from both domestic and foreign customers were up, though those from elsewhere in the 19-nation eurozone were up a relatively feeble 0.5 per cent. Sharp rises in coronavirus infections led to partial shutdowns in Germany and elsewhere in Europe in November.

In Germany, restaurants, bars, sports and leisure facilities have been closed since November 2, while schools and nonessential shops have remained open. Those measures, which are milder than those taken in the first phase of the pandemic, are expected to remain in place until at least January 10.