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German Manufacturing Orders Post November Increase

German manufacturing orders rose in November, beating expectations of a decline, federal statistics office Destatis said Thursday.

Manufacturing orders increased 2.3% in November in adjusted terms after an upwardly revised 3.3% expansion in October, according to Destatis. Economists polled by The Wall Street Journal had expected November orders to decline 0.2% on the month.

On an annual basis, orders rose 6.3%, adjusted for calendar and price effects.

New orders in November were 4.0% higher in seasonally- and calendar-adjusted terms compared with February, the month before restrictions were first imposed in Germany due to the coronavirus pandemic.

As a result of the pandemic, Germany’s factory orders and industrial output in April recorded their largest declines since the beginning of the series in January 1991.

In November, domestic orders increased 1.6% and foreign orders rose 2.9%, Destatis said.

German industrial production data for November is due to be published on Friday.
Source: Dow Jones

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