German industrial production loses pace in July – MarketWatch

German industrial production loses pace in July – MarketWatch

German industrial production increased for the third consecutive month in July but its recovery lost steam, federal statistics office Destatis said Monday.

Total industrial output–comprised of output in manufacturing, energy and construction–rose 2.8% in July from June in calendar-adjusted terms. Economists had forecast a 4.1% increase, according to a poll by The Wall Street Journal.

On a year-on-year basis, total industrial output fell 7.3% in calendar-adjusted terms.

Compared with February–the month before restrictions were imposed due to the coronavirus pandemic in Germany–new orders in July 2020 were 8.2% lower in seasonally and calendar-adjusted terms.

Destatis also upwardly revised industrial-production figures for June to an increase of 28.8% from May.

Domestic orders decreased 10.2% and foreign orders rose 14.4% in July on the previous month, Destatis says. New orders from the eurozone went up 7.3% and new orders from other countries increased 19.2%.

Manufacturers of intermediate goods saw new orders increase 9.5% and manufacturers of capital goods saw a decrease of 0.4% on the previous month. Meanwhile, for consumer goods, new orders rose 0.2%.

New orders in the automotive industry increased 8.5% on the month in July. However, new orders were still 2.4% lower than in February.

Industrial-production data follows manufacturing
Source…

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