- Prior +7.0%; revised to +7.6%
Yowza. That headline screams like a shocker but things need to be put into context. As noted last month here, factory orders in Germany saw staggering jumps in both May and June due to large individual orders i.e. anything more than €50 million. That has caused a volatile spike in the data and now we’re sort of course correcting for that as those orders are passed i.e. one-time off. If you strip out the impact of large orders, industrial orders in Germany was actually up 0.3% on the month in July.